A PYMNTS Company

Brazil: Antitrust body assesses Black River sugar mills purchase

 |  December 13, 2015

Brazil’s antitrust regulator CADE is evaluating a request made by US-based Black River Asset Management to approve an acquisition of two local sugar mills, documents seen by Reuters on Friday showed.

The request sent to CADE indicates that Black River, controlled by US commodity trader Cargill, and Antonio Ruette Agroindustrial Ltda have agreed on terms for the mills’ sale and are awaiting the green light from the regulator.

Cargill and Regina Ruette, vice-president of Antonio Ruette Agroindustrial, confirmed in September that talks were going on for the Brazilian, family-owned company to sell the mills located in Paraiso and Ubarana, in the Sao Paulo state.

At that time, Cargill said it would only comment again when a possible deal had been reached, after due diligence. Regina Ruette also said in September the deal would value the company at around $180 million including debt.

Asked about the completion of the deal, Cargill said on Friday that Black River was an “independently managed subsidiary” and that questions should be sent to them. Black River declined to comment.

Full content: Reuters

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.