French shipping giant CMA CGM has reached an agreement to acquire a 47.6 per cent stake in the port terminal operator Santos Brasil for $1.2 billion, with plans to initiate a takeover bid for the remaining shares, according to a securities filing by the Brazilian firm.

As part of the deal, CMA CGM will purchase approximately 215 million shares and nearly 40 million Global Depositary Receipts of Santos Brasil from Brazilian asset manager Opportunity at a price of 15.30 reais each, the filing stated.

This price represents a 20% premium over the closing price of 12.71 reais for Santos Brasil shares.

Additionally, the French company has committed to launching a tender offer for the remaining shares of Santos Brasil at the same price, as indicated in the filing.