Ecodiesel-Vanguarda Merger Advances

Ecodiesel-Vanguarda Merger Advances

Brazil M&A

Shareholders of Brasil Ecodiesel have approved a plan to buy Vanguarda by using BRL1.1bn worth of new shares. Ecodiesel, Brazil’s largest biodiesel manufacturer, will issue new shares to holders of soy and cotton grower Vanguarda, finalizing a merger that has been in the works for several months. Ecodiesel’s calculations put the value of the combined entity at around BRL2.23bn ($1.4bn). The agreement reached preliminarily last month follows a courtship period that saw Ecodiesel’s

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