French shipping giant CMA CGM has agreed to acquire a 47.6% stake in port terminal operator Santos Brasil for 6.3 billion reais ($1.2 billion) and will launch a takeover bid for the remaining shares, the Brazilian firm announced on Sunday in a securities filing. The agreement involves CMA CGM purchasing approximately 215 million shares and nearly 40 million Global Depositary Receipts of Santos Brasil from Brazilian asset manager Opportunity at 15.30 reais per unit. This price represents a 20% premium over Santos Brasil's closing share price of 12.71 reais on Friday. The French company has also committed to initiating a tender offer for the remaining Santos Brasil shares at the same price. CMA CGM is expected to file for the tender offer within 30 days of the stake purchase's closing, which is contingent on approvals from Brazil's antitrust body CADE and waterborne transport regulator ANTAQ. Santos Brasil operates eight strategically positioned terminals across Brazil, including three for containers (Tecon Santos in São Paulo, the largest in South America; Tecon Imbituba in Santa Catarina; and Tecon Vila do Conde in Pará), one for vehicles in Santos, one for general cargo in Imbituba, and three for liquid bulk in Itaqui, Maranhão.