SAO PAULO (Reuters) – Bunge Ltd has agreed to buy two soy processing plants in Brazil and assume debt from local crusher Imcopa, two people familiar with the matter said on Tuesday.
Bunge agreed to pay about 50 million reais ($12 million) for the plants and assume debt of around 1 billion reais related to the two plants in the state of Paraná, according to the sources, who requested anonymity because the deal is not yet public.
Bunge, already the biggest soy processor in Brazil, and Imcopa, now restructuring debt in bankruptcy court, did not immediately respond to requests for comment.
On Imcopa’s website, the company touts capacity to crush 1.5 million tonnes of soybeans per year, producing up to 240,000 tonnes of soy protein concentrate.
The minimum asking price of each of the plants was 25 million reais in an auction scheduled for Feb. 17, according to bankruptcy court documents. The debt attached to the plants was 1.043 billion reais in December 2018, public records show.
Bunge was the only company to submit a bid in the auction, according to one of the sources.
Source: Read Full Article