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Tavex to absorb Santista's new denim company
10 Mar '06
4 min read
Each Santista share will be worth 2,95 shares from Tavex. It is expected that the integration between both companies occurs by next July. There will not be any changes for Santista´s minority shareholders.
The headquarters of the new company will remain in Spain, generating a fiscal benefit for the company, since the Country and Brazil have an agreement to avoid double taxation. Despite this, the Brazilians will be in charge.
Herbert Schmid, current president of Santista,will also be the main executive at Tavex. Marcelo Araújo, president of the administrative counsel, will take the same role on the new company.
The executive Director at Iedi, an institute to harness industrial development, Julio Gomes de Almeida, believes that the search for major Brazilian companies by international associations is a natural trend to neutralize the effects of the Brazil cost, with high interest rates and volatile exchange rates.
“By diluting these costs, the company has more conditions to compete on the global market, particularly with the Chinese”, he said. For him, the effect of the strategy on Brazil.
The headquarters of the new company will remain in Spain, generating a fiscal benefit for the company, since the Country and Brazil have an agreement to avoid double taxation. Despite this, the Brazilians will be in charge.
Herbert Schmid, current president of Santista,will also be the main executive at Tavex. Marcelo Araújo, president of the administrative counsel, will take the same role on the new company.
The executive Director at Iedi, an institute to harness industrial development, Julio Gomes de Almeida, believes that the search for major Brazilian companies by international associations is a natural trend to neutralize the effects of the Brazil cost, with high interest rates and volatile exchange rates.
“By diluting these costs, the company has more conditions to compete on the global market, particularly with the Chinese”, he said. For him, the effect of the strategy on Brazil.
Brazilian Textile and Apparel Industry Association
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