Portuguese conglomerate Sonae SGPS SA announced Dec/2004 the sale of its stake in glassmaker Barbosa & Almeida to the company's management for EUR 164M. Sonae said it has agreed to a disposal in stages of its entire holding in Bar-Bar-Idade Glass SA, a company that controls 100% of Barbosa & Almeida, to a company controlled by Carlos Moreira da Silva as part of a management buy-out. A shareholding of 10.42% in BBI Glass was sold 22 Dec/04. A further 27.8% will be sold up to 31 March 2005, while the remaining shareholding of 11.75% to be sold in 3 separate transactions of an equal number of shares on 31 Jan/06, 07 and 31 Jan/08. The transaction, including the sale of shares & the reimbursement of shareholders' loans, represents a cash inflow of around EUR 164M, of which about EUR 128M will be received up to 31/03/05. ,
