- Press Releases
(ADPnews) - May 20, 2011 - Brazil's Council for Economic Defence (CADE) on Wednesday approved the increase of the stake that Brazilian mining giant Vale (SAO:VALE3) holds in local palm oil producer and processor Biopalma to 70% from the previous 41%.
The Secretariat of Economic Monitoring (SEAE) and the Ministry of Finance had already recommended the approval, affirming the market is fragmented and that the deal would not harm competition.
In 2009, Vale had established a consortium with Biopalma to produce palm oil. In February 2011, in order to facilitate the expansion of the business, the miner negotiated the dissolution of the consortium and the acquisition of 70% of Biopalma.