Maeda group to have 33% of Brasil Ecodiesel
Valor Econômico
Brasil Ecodiesel, one of the largest producers of biodiesel in the country, and the Maeda group, a leading Brazilian producer of grains and cotton, announced yesterday the conditions of the association which should be concluded by both on December 23, after the Meeting of Shareholders of Brasil Ecodiesel. According to the agreement, Maeda will withhold 33% of the biodiesel company with the subscription of 358.9 million common shares, which will result in a capital increase in Brasil Ecodiesel of R$ 320.13 million (US$ 188.3 million).
With that, after the operation the capital of Brasil Ecodiesel will be of R$ 1.128 billion (US$ 663.6 million). The exchange ratio proposed by the companies was of one common share of Brasil Ecodiesel for each 3.6395 common shares of Maeda, based on the perspective of future profitability of the companies and the weighted average price of the shares of Brasil Ecodiesel during the past 60 trading sessions prior to September 30 this year - start of negotiations between the two companies. The association shall result in the creation of a new seller of agricultural commodities, besides strengthening the already traditional activities of each of the companies.
The Maeda group this year left the hands of the traditional Japanese family for the control of Arion Capital, a fund controlled by the Spanish billionaire Enrique Bañuelos. As regards Brasil Ecodiesel, which was created to be the largest biodiesel company of the country, it faced financial difficulties and it is currently controlled by creditor banks that have converted the debts into shares.