Six groups show interest in Brazil Inpacel sale
Reuters, Tuesday, January 13, 1998 at 18:20
(If I post the story, I can't find it on Yahoo - sf)
RIO DE JANEIRO, Jan 13 (Reuters) - Six companies, including Canadian, New Zealand and local firms, have showed interest in Brazilian pulp and paper maker Inpacel, which is due to be auctioned on Friday, an adviser on the sale said.
Brazil's Suzano (SAO:SUZ) and Industrias Klabin (SAO:KLA), U.S. Champion International Corp.'s (NYSE:CHA) Brazil unit Champion Papel e Celulose Ltda were the local firms which have visited the Inpacel's Data Room seeking information on the company, said Osiris Ribeiro, from N.M. Rotschild.
New Zealand's Fletcher Challenge Ltd and Canada's Atibi-Consolidated Inc (TSE:A) and Donohue Inc (TSE:DHC.A) also have visited Inpacel's Data Room, he added.
Investors interested in bidding for Inpacel are required to sign up for the auction by 1800 local/2000 GMT Tuesday, said a spokeswoman for the Rio de Janeiro Stock Exchange.
Inpacel, together with Bamerindus Agroflorestal, will be sold for a minimum price of 85 million reais at a closed-envelope auction on the Rio bolsa, she added.
Inpacel and Bamerindus Agroflorestal are units of failed bank Banco Bamerindus which remained in central bank hands after HSBC Holdings Plc (HKSE:0005) took over control of selected assets and liabilities of Bamerindus last year.
The debt-laden pulp and paper maker was one of the reasons for the bank's deep financial troubles.
Ribeiro said Inpacel, the only producer of magazine paper in the South Hemisphere, has an output capacity of 160,000 tonnes and annual revenues of $160 million.
He said the new owners of Inpacel will assume the firm's debts, estimated at 299 million reais, which are scheduled to be renegotiated with its main creditors.
Copyright 1998, Reuters News Service |
