Spanish Billionaire Buys Major Brazilian Cotton Producer
June 3, 2010 Reuters
Samantha Pearson (Editing by John Wallace)
Spanish billionaire Enrique Banuelos has taken control of Maeda, one of Brazil’s biggest cotton and grain producers, in a deal that could spark further consolidation in the sector, Valor Economico newspaper reported on Friday.
Arion Capital fund, which counts Banuelos as its principal investor, bought 86 percent of the family-owned Maeda Group for about 100 million reais ($55 million) on Thursday and also assumed an undisclosed amount of debt, the daily said, citing an unnamed source involved in the deal.
Jorge Maeda, chief executive of Maeda Group, confirmed the sale of the business but would not disclose any details, Valor said.
For the past year and a half, Banuelos has been buying up Brazilian real estate companies. He intends to use Maeda to strike similar deals in the agribusiness sector, an unnamed source told the daily.
Maeda’s executive board will initially remain in place but Arion will take over the group’s financial management, Valor said.
Completion of the deal is subject to Arion’s ability to renegotiate Maeda’s debt with its banks, the daily added.
(Story found in original format here.)
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