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The French giant will take a 60% stake in SantelisaVale, which has suffered severe financial problems over the past year. In return, it will assume debt estimated at 2.2 billion Brazilian reals ($1.3 billion), and it undertook to invest BRL400 million in a new company that will be called LDC SEV Bioenergia.
The decision was taken at a SantelisaVale shareholders meeting in Riberao Preto, according to Estado. However, a Santelisa spokesman couldn't confirm the news at the time of publication.
Louis Dreyfus obtained the exclusive right to negotiate with SantelisaVale in March ahead of a dozen suitors.
Brazil is the world's No. 1 sugar producer and exporter.
-By Alastair Stewart; Dow Jones Newswires; 5511 2847-4520; alastair.stewart@dowjones.com
(END) Dow Jones Newswires
10-26-09 1519ET
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