By Hugh Bronstein and Maximilian Heath
By Hugh Bronstein and Maximilian Heath
BUENOS AIRES, Jan 24 (Reuters) – Argentina’s prime exporter of processed soy, Vicentin, is in talks over a possible takeover cope with companies together with European grains big Glencore to assist resolve a debt disaster, in response to two sources near the negotiations.
The close to 90-year-old agency, which defaulted on funds to suppliers late final 12 months, has additionally instructed grains farmers it owes cash to that it’s going to make a debt restructuring supply within the days forward, the sources stated on Friday.
The discussions over a deal come after Vicentin was compelled to promote a part of its stake in a three way partnership with Glencore GLEN.L in December, when spending on growth caught up with the agency amid a widening financial disaster in Argentina.
Glencore upped its stake in that enterprise, Renova, whose operations embrace a serious crushing plant on the banks of the Parana River. Vicentin is now in talks to promote the remainder of its stake in Renova, one of many sources instructed Reuters.
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