January 22 (Renewables Now) – Brazil’s competition regulator CADE has approved the sale of a 50% stake in local biodiesel plants operator BSBios by state-controlled company Petroleo Brasileiro SA (BVMF:PETR4), or Petrobras.
The deal, okayed without restrictions on Thursday, calls for Petrobras’ wholly-owned unit Petrobras Biocombustivel SA (PBio) to sell the interest to RP Participacoes em Biocombustiveis SA (RPBio). The latter already owns a 50% stake in the target.
Petrobras said previously that the deal is valued at BRL 322 million (USD 59.7m/EUR 49.2m), which will be deposited in an escrow account. About BRL 255 million will be withdrawn by the seller at closure, while the remaining portion should be used for the compensation of eventual contingencies.
BSBios owns two biodiesel plants in Passo Fundo, Rio Grande do Sul, and in Marialva, Parana. Each of them is capable of generating of 414,000 cubic metres (14.6 million cu ft) per year, Petrobras noted.
(BRL 1.0 = USD 0.186/EUR0.154)