After a long period of negotiation, the Brazilian Camargo Corrêa group, which already owns Alpargatas São Paulo, has signed a Letter of Intent to acquire Alpargatas Argentina from a group of investors that holds 31.45% of the company's shares.

Alpargatas Argentina has eleven shoe and textile factories and produces approximately half of the denim in Argentina and around a quarter of the shoes sold in the country. Its 2006 revenues totalled $160 million.

According to Márcio Utsch, president of Alpargatas São Paulo, “The acquisition process may take up to two months. If the deal is closed, this will be our first acquisition abroad.” Alpargatas São Paulo also owns 22% of the capital of Spanish Tavex Algodonera, said to be the world's largest textile producer and Santista Têxtil, which has factories in Argentina.