Bunge, Louis Dreyfus Lead In Bid For Santelisa Vale -Report
06 März 2009 - 3:42PM
Dow Jones News
Two companies and one fund are front-runners to acquire a stake
in Brazilian sugar and ethanol giant Santelisa Vale SA, local
newspaper Valor Economico reported Friday.
The newspaper reported that offers from Bunge Ltd. (BG) and
Louis Dreyfus, as well investment fund BTG, were the most
attractive for Santelisa Vale.
The offers were discussed Thursday by the shareholders, Valor
reported a person familiar with the negotiations as saying. A press
officer for Santelisa Vale would not comment on the report.
Companies such as Cosan; Cargill Inc.; Archer Daniels Midland
Co. (ADM); ETH Bioenergia, the energy unit of Brazilian
conglomerate Odebrecht; GP Investments Ltd. (GPIV11.BR); and Sao
Martinho S/A (SMTO3.BR) have also been assessing bids for Santelisa
Vale, which has around 3 billion Brazilian reals ($1.2 billion) in
debt, the newspaper reported.
Many Brazilian sugar and ethanol mills are facing a shortage of
working capital due to high debt and a lack of credit.
Brazil is the No. 1 producer and exporter of sugar.
-By Tony Danby, Dow Jones Newswires; 55-11-2847-4523;
anthony.danby@dowjones.com