Selecta is a Brazilian company primarily focused on the commercialization and industrialization of soybean. (Photo: Selecta)
Corpesca acquires 60 pc of Brazilian soybean company
Friday, January 04, 2013, 00:40 (GMT + 9)
Corpesca S.A., one of the largest fishing companies in Chile, announced the purchase of 60 per cent of Selecta, a soybean production company in Brazil, for USD 60 million.
The operation is expected to be materialized before 28 February.
Through this acquisition, the Chilean company will strengthen its offer to aquaculture companies working nationwide, including fishmeal and oil, and also Golden Omega, reported ON24.
As indicated by Francisco Mujica, Corpesca CEO, the investment contract was made with Selecta investors: Mauricio Mendes, Orlando Dos Santos Filho and Luis Henrique Mendes.
For the process of due diligence to be crowned with success, both companies will have to obtain the approval of the Administrative Council of Economic Defence of Brazil, pursuant to federal laws of that nation.
Selecta financial creditors will have to agree their credit assignments to Corpesca, which should include a total discount of about USD 90 million in these loans value. Later, they may be capitalised in the Brazilian firm by Corpesca.
In addition, the Brazilian company must have held a purchase contract with Credit Suisse Brazil (Bahamas) Ltd., HSH Nordbank AG - New York Branch, Banco Santander S.A., Grand Cayman Branch and Araguari Real Estate Holding LLC, of the properties and assets that it owns and that form part of the industrial plant in Araguari (Minas Gerais).
Selecta produces a soybean oil concentrate and other derivatives, and has a capacity of 600,000 tonnes a year, Reuters reported.
Moreover, until last May Corpesca lost about USD 15 million because of horse mackerel lower catch quotas and fishing.
For 2012, Corpesca had a quota of 530,000 tonnes of anchovy and 30,000 tonnes of horse mackerel.
- Corpesca assesses further adjustments
By Analia Murias