2025-05-20-Jefferies-海洋威尔逊（PORT3）_海洋威尔逊威尔逊之子公司的出售事宜即将完成_7页_109kb

The sale of Ocean Wilsons' 56% stake in Wilson Sons has been finalized, following regulatory approvals from Brazil's ANTAQ and CADE. The deal closes on June 4, 2025, leading to a tender for the remaining shares at BRL17.50 per share. Ocean Wilsons plans a subsequent 20% share buyback, leveraging the proceeds from the sale. PORT3 is currently traded at a 1% discount to the sale price, with an expected narrowing of this discount. Ocean Wilsons (ticker OCN LN) maintains a HOLD rating with a price target of £14.20, while Wilson Sons (ticker PORT3 BZ) has a HOLD rating and a price target of R$18.30.

Ocean Wilsons is a UK-listed holding company with majority ownership by Hansa Investment, Victualia Ltd, and Christopher Townsend. Wilson Sons operates as Brazil's largest integrated port and maritime logistics entity, focusing on container ports, towage, and offshore services. Key risks include potential delays or failure of the sale, operational issues in expansion, trade deterioration, and environmental concerns. Stability is supported by the completion of the deal, potentially offering upside from MSC's involvement. Analysts confirm no compensation ties, with standard disclosures noting conflicts and regulatory oversight.