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Grupo GWI further raises stake in Gafisa

São Paulo-based Grupo GWI's GWI Asset Management further increased its stake in Gafisa SA, bringing its position to 21,813,296 shares, or 48.74%, of the Brazilian residential developer's common stock.

In November, GWI increased its stake to 19,008,196 shares, or 42.47%, of Gafisa's outstanding shares.

In January, Gafisa shareholders approved an amendment to the company's bylaws to increase the ownership level of the company's outstanding stock at which a shareholder must make a mandatory tender offer to acquire the remaining outstanding stock to 50% from 30%. At that point, GWI owned 30.45% of Gafisa's float.

Gafisa's board on Nov. 26 approved a plan to delist the company's stock from the NYSE. The delisting is expected to take effect Dec. 17, with the final trading day for Gafisa stock set for Dec. 15.