Votorantim S.A. and Itaúsa - Investimentos Itaú SA (BOVESPA:ITSA4) made an offer to acquire 14.8% stake in CCR S.A. (BOVESPA:CCRO3) from Andrade Gutierrez Participações S.A. for BRL 14.1 billion on March 23, 2022. Under the terms 300,149,836 common shares will be acquired for BRL 14.75 per share. VSA’s investment will be BRL 1.3 billion, and Itaúsa will acquire 208,669,918 shares, representing 10.33% of CCR's total capital, with a total investment of BRL 2.9 billion. Pre acquisition Votorantim S.A. held 5.8% stake and post completion VSA and Itaúsa will each individually hold approximately 10.3% of CCR's capital. Itaúsa may use its own resources and/or raise funds through a long-term debt instrument to finance the acquisition. The conclusion of the Transaction is conditioned to the due diligence performance, the negotiation of the definitive documents, the fulfillment of certain usual precedent conditions for transactions of this nature and the execution of a shareholders' agreement to reflect the new governance. Citi. acted as a financial advisor to Vtorantim S.A. Funds came from its own cash and the proceeds of the 5th issuance of debentures.

Votorantim S.A. and Itaúsa - Investimentos Itaú SA (BOVESPA:ITSA4) completed the acquisition of 14.8% stake in CCR S.A. (BOVESPA:CCRO3) from Andrade Gutierrez Participações S.A. on September 12, 2022.