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Tupy shares rose 6.5% after Cade agreed to acquire global business from Teksid

(disclosure)

Tupy shares (TUPY3It was up 9.13% in the Wednesday session (14th), following good news for the company. Newspapers cushioned gains, but closed up 6.57% at R $ 24.98.

The Administrative Board for Economic Defense (KED) on Wednesday approved the acquisition of global business for An oxidizing smelter for iron by the company, The industry leader in the country, with limitations.

The deal was announced in 2019 and includes Teksid factories, which at the time were a unit of Fiat Chrysler Group in Brazil, Mexico, Poland and Portugal, as well as participating in a joint venture in China, as well as an engineering center in Italy and an office in the United States.

“If there is a capital outlay in the world, there is a demand for us,” says Tupy CEO

At the time, Toby reported that the amount to be paid for the car collection was 210 million euros, subject to the usual adjustments in the purchase price. Currently, Fiat Chrysler has merged with PSA, giving rise to Stellantis.

“This is good positive news for Tupy, as our target price includes R $ 4.00 a share in connection with the acquisition of Teksid. Additionally, Kidd confirmed his understanding that the engine block market is global rather than domestic, which increases the likelihood of US Department of Justice (DoJ) approval. Mexico’s antitrust authority on the deal in mid-2012, which maintains a top-performing newspaper recommendation, with a target price of R $ 33.00, or a potential increase of 37% compared to Wednesday’s close.

It should be noted that in this week, Itaú BBA also featured the company As a recipient of the infrastructure plan proposed by the President of the United States, Joe Biden.

Two weeks ago, Biden unveiled a $ 2.25 trillion plan to revamp the country’s physical and technological infrastructure. He advocated investments in electric cars, renewable energy and electricity to stimulate the North American economy.

The manufacturer of cast iron components is expected to benefit because about 65% of its revenue comes from exports to the United States, analysts led by Marcelo S.A. wrote in a report released on April 12th. Tupy sells products to the automotive, industrial and agricultural sectors, and has Caterpillar and Deere & Co among their customers.

(Com Reuters e Bloomberg)

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