NVDA gained a massive 197% since our AI first added it in November - is it time to sell? 🤔Read more

Portugal's cork-to-oil mogul Amorim dies at 82

Published 2017-07-13, 11:30 a/m
© Reuters.  Portugal's cork-to-oil mogul Amorim dies at 82
GALP
-
CORA
-

LISBON, July 13 (Reuters) - Americo Amorim, Portugal's richest man with business interests ranging from energy and finance to the world's largest cork producer, Corticeira Amorim CORA.LS, died on Thursday at age 82, a company spokesman said.

He could not say what was the cause of death.

According to Forbes, Amorim's net worth was $4.8 billion and his biggest single asset an indirect 18 percent stake in Portuguese oil company Galp Energia GALP.LS .

Amorim controlled holding company Amorim Energia, which in its turn is the largest shareholder in Galp with a 33.3 percent stake. His minority partners in Amorim Energia were Angola's state oil company Sonangol and the daughter of Angolan President Eduardo dos Santos, Isabel.

Last October, Amorim resigned from the post of chairman of the board of directors of Galp for personal reasons and was replaced by his daughter, Paula Amorim.

Amorim was an heir to the cork business set up by his grandfather in 1870, expanded it and became a major diversified investor. He remained chairman of the board of the Grupo Amorim holding company, which owns Corticeira Amorim, among other interests.

His nephew Antonio Rios de Amorim took over as chief executive at Corticeira in 2001. The company is the global leader in wine bottle stoppers and other cork products, accounting for more than a third of the global stopper market.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.