Brazilian mining and logistics company Manabi Holding has offered to buy a majority stake in compatriot cargo ship and port operator Log-In Logística Intermodal, reports say.
Log-In told Reuters Manabi has made a non-biding proposal to buy its shares in a capital increase to acquire at least a 51% stake in the company. Management are reportedly considering the proposal alongside others.
Log-In hired global investment bank Moelis in late December to help with refinancing $475m in bank loans from Itaú Unibanco Holding, Banco do Brasil, HSBC Holdings and Banco Santander Brasil.
Investment bank BR Partners Banco de Investimento is acting on Log-In’s behalf trying to raise $125.7m in new investment.
The economic recession in Brazil has made lenders to the country’s private sector more cautious, which has squeezed the availability of finance while increasing its costs.
Log-In owns a fleet of container ships and operates terminals in the states of Espirito Santo, Sao Paulo, Minas Gerais and Bahia. It also provides rail services.