Brookfield gives up buying Renuka’s plants
The asset manager Brookfield Asset Management of Canada will no longer buy the mills from Renuka Brazil. At least for now.
According to sources close to the companies, the Canadian company decided to temporarily pause the negotiations due to the political instability in Brazil and the high price of the dollar. If the negotiations continued, Brookfield would take over US $ 490 million debt and manage the creditors of Renuka on the payment of debts.
Headquartered in Promissão (SP), Renuka do Brazil is controlled by the Indian group Shree Renuka Sugars Ltd, which holds a 50.3% of the business, while the Brazilian Equivap shareholder, holds the remaining shares.
Read more: Renuka files for debt protection in Brazil