Brazil’s antitrust regulator Cade’s superintendence has approved without restrictions the acquisition by PJSC Uralkali of control of Fertilizantes Heringer SA, Viana, Espírito Santo state, according to a Bloomberg report.
Heringer’s controlling shareholder Heringer Participacoes and its quotaholders executed a binding letter of intent in September with Uralkali and Uralchem to subscribe for the new issuance of common shares, in Heringer’s capital increase, for 2 reals per share.
After the completion, the deal provided for Uralkali and Uralchem to hold shares representing the control of the Brazilian fertilizer company, with the total amount of capital increase no less than $59 million and no more than $115 million.
Heringer filed for judicial recovery/bankruptcy in February, with creditors approving the company’s Judicial Reorganization plan on Dec. 3. As at September, the company had eight blending plants in production, up from seven earlier this year.