Rheem Chile SpA made an offer to acquire CEM S.A. (SNSE:CEM) for CLP 45.4 billion in cash on June 23, 2014. As per the terms of the deal, the offer per share is CLP 151.40678 per share. Under the terms of the agreement, current controlling shareholder group will hold a minority stake in CEM S.A., initially 13%, for a maximum period of three years. The acquisition is subject to consummation of due diligence investigation, to be completed within 60 days. The tender offer will be declared completed if a minimum of 74% stake in CEM S.A. is acquired.

The tender offer will commence on August 25, 2014 and expire on September 23, 2014. Luis Felipe Irarrázaval del Campo of BBVA Asesorías Financieras S.A. acted as financial advisor for Rheem Chile SpA. Matías de Marchena Vicuña of Claro Y Cia acted as legal advisor for Rheem Chile SpA. BBVA Corredores de Bolsa Limitada acted as broker in the deal.