Colombian Mayaguez to buy 61% in sugarcane mill

Oct 23, 2014 - Colombian sugar and ethanol producer Mayaguez SA (CLB:MAYAGUEZ) said Monday it will acquire 60.55% in local mill Ingenio San Carlos SA as part of its expansion plan worth USD 300 million (EUR 236.9m).

The acquisition, to be financed via debt, will increase Mayaguez' market share by 4%.

The transaction is expected to close at the end of November. In the meantime, the company will make an analysis and will determine the final price, it said in a filing.

Mayaguez sells sugar on the local and international markets and has a capacity to produce 250,000 litres (66,040 gallons) of ethanol per day.

(USD 1 = EUR 0.790)

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