Carsales.com

Carsales.com has announced the final terms of its deal to acquire 30% of Webmotors, the No.1 automotive website in Brazil. At A$87.7m, the price is about A$1m less than was flagged in April (see 17 Apr 13 (Buy – $9.11)), and Carsales will have ‘various minority shareholder protections including certain veto rights and pre-emptive rights’. It will also be entitled to a board position (to be filled by chief executive Greg Roebuck) and a representative on the management team.This is potentially a big opportunity for Carsales as Brazil is the fourth largest car market in the world, with about...

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