BUENOS AIRES: Argentina’s top exporter of processed soy, Vicentin, is in talks over a potential takeover deal with firms including European grains giant Glencore to help resolve a debt crisis, according to two sources close to the negotiations.
The near 90-year-old firm, which defaulted on payments to suppliers late last year, has also told grains farmers it owed money to that it would make a debt restructuring offer in the days ahead, the sources said.
The discussions over a deal come after Vicentin was forced to sell part of its stake in a joint venture with Glencore in December, when spending on expansion caught up with the firm amid a widening economic crisis in Argentina.
Glencore upped its stake in that venture, Renova, whose operations include a major crushing plant on the banks of the Parana River. Vicentin is now in talks to sell the rest of its stake in Renova, one of the sources told Reuters.
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