Satipel acquires Duratex (Brazil) for US$ 1B

Satipel Industrial SA acquires Duratex SA (pending)
Satipel Industrial SA (Satipel), a majority- owned unit of Cia Ligna de Investimentos, agreed to acquire the entire share capital of Duratex SA, a Sao Paulo-based manufacturer of sanitary vitreous chinaware, metal fittings and valves, wood products, from Itausa Investimentos Itau SA {48%) (Itausa) and other shareholders, in a stock swap transaction valued at BRL 1. 953 bil (USD 962.508 mil). Satipel offered 3.05 ordinary shares for every ordinary shares owned by Itausa and 2. 54 ordinary shares for every ordinary and preferred shares owned by other shareholders. Based on Satipel's closing stock price of BRL 5.6 (USD 2. 759) on 19 June 2009, the last full trading day prior to the announcement, each ordinary Duratex share owned by Itausa was valued at BRL 17.1 (USD 8.426) and each ordinary and preferred shares owned by other sharesholders was valued at BRL 14.25 (USD 7.021).