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DJ Nestle To Buy Dairy Plant In Brazil For BRL101.8 Mln

Posted on: Thu, 19 Nov 2009 05:50:00 EST

Symbols: NSRGF

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SAO PAULO, Nov 19, 2009 (Dow Jones Commodities News Select via Comtex) --
NSRGF | Quote | Chart | News | PowerRating -- The Brazilian unit of Nestle S.A. (NESN.VX) proposed to pay 101.8 million Brazilian reals ($59.3 million) to buy a dairy plant of Laep Investments Ltd. (MILK11.BR), a fund that controls Brazilian dairy company Parmalat Brasil (LCSA4.BR), Laep said late Wednesday in a statement.

Nestle presented its proposal in a local court because, in Brazil, Parmalat is in judicial recovery proceedings, which is similar to Chapter 11 reorganization in the U.S.

The companies did not state the production capacity of the unit, which is located in Carazinho, in Rio Grande do Sul state.

Laep acquired control of Parmalat Brasil in May 2006, while the company was in a restructuring process in local courts following the 2003 collapse of Italy's Parmalat SpA (PLT.MI).

-By Rogerio Jelmayer, Dow Jones Newswires; 5511-2847-4521; rogerio.jelmayer@dowjones.com

(END) Dow Jones Newswires

11-19-09 0550ET

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