Fertilizantes Heringer SA, Viana, Brazil, on Aug. 26 announced that it has been informed by its controlling shareholder, EuroChem Group AG, Zug, Switzerland (GM April 1, p. 28), that the company has decided to proceed with plans to the request registration of a public offering of acquisition of up to all of the company’s common shares.
The minority shareholders are to receive equal treatment to that given to its former controlling shareholders. EuroChem plans to cancel Heringer’s registration as a publicly-held company and delist its shares.
EuroChem closed the deal to buy a controlling 51.48% stake in Heringer on March 28 (GM April 1, p. 28). The deal was valued at R$554.56 million (approximately US$116.4 million in exchange rates at the time), half of which was being paid in cash in Brazilian currency at closing.