Mexico''s Bimbo, the world''s third largest bread maker, has acquired a majority stake in Brazilian baking company Nutrella Alimentos.
The US$148 million deal, which closed on 19 May, makes Bimbo the leader in Brazil''s packaged bread market.
Carlos Mello, a partner with Machado, Meyer, Sendacz e Opice Advogados who advised Bimbo on the deal, says, "negotiating with the Neitzke family, the controlling shareholders of Nutrella, was the most interesting part of the deal. Before MMSO advised Bimbo, many negotiations attempts with the family had failed, and years passed before Bimbo finally manage to take control of Nutrella."
Bimbo do Brasil now owns 75 per cent of Nutrella''s shares.
Bimbo entered Brazil in 2001, acquiring baking company Plus Vita Alimentos from its American parent, Bunge International, for US$63.5 million.
Nutrella has two plants in Brazil, one in one in Gravataí, at the state of Rio Grande do Sul, and the other at Mogi das Cruzes in the state of São Paulo.
The São Paulo unit was built with financing from BNDESPar, the equity arm of the Brazils national development bank.
In return for its contribution to this project, BNDESPar took a 25 per cent equity interest Nutrella, which it still holds, though Bimbo plans to acquire the outstanding shares in the near future.
A shareholder agreement between Bimbo''s controlling shareholders and BNDESPar required BNDESPar''s consent to be given for any transfer of control. Mello reveals that there was insufficient time to secure this consent, which is the reason for the delay to the transfer of BNDESPar''s shares.
Counsel to Bimbo
Machado, Meyer, Sendacz e Opice Advogados
Partner Carlos José Rolim de Mello and associate Patrícia Scharlau
Counsel to Nutrella
CCA Advogados
Partner Celso Luiz Bernardon
(Latin Lawyer 29.05.2008)
