Bekaert in Consolidating its Activities in Latin America

Cleary Gottlieb is representing long-standing client Bekaert in an agreement with its Chilean partners by which Bekaert becomes the principal shareholder in a joint venture in Chile, Peru and Canada.

Bekaert and its Chilean partners, consisting of the members of the families Matetic and Conrads, have reached an agreement on the majority shareholding by Bekaert in a number of companies in Chile, Peru and Canada. The transaction will be executed through an exchange of shares. The impact on Bekaert’s figures is estimated as an increase of consolidated sales by approximately €300 million on an annual basis.

The agreement was signed on December 22, 2011 and closing is expected in the course of the first quarter of 2012, upon completion of customary closing conditions.