As disclosed on August 2, Kirin acquired 50.45% of the outstanding shares of Schincariol through Aleadri-Schinni Participações e Representações S.A., and as a result of the latest transaction, Kirin now owns all the outstanding shares in Schincariol. This additional acquisition will not only enhance Kirin's governance over Schincariol as a wholly owned subsidiary but will also help Kirin further increase the competitiveness of Schincariol in the fast-growing Brazilian market and generate synergies with Kirin, through which Kirin seeks to accelerate growth, per a company release.
In addition, all parties to the precautionary measure and lawsuit have executed a settlement agreement to dismiss the precautionary measure and lawsuit. The settlement agreement has been lodged with the First Civil State Court of the City of Itu, and the court is expected to ratify the settlement agreement by November 8.
Kirin acquired the outstanding quotas of Jadangil from three quotaholders for BRL 2.35 billion (¥105.0 billion). The stock purchase was completed on November 4. Kirin funded the transaction through cash on hand and loans.
Kirin has now reached agreements with the sellers of Aleadri and the sellers of Jadangil for the acquisition of 100% of the outstanding shares of Schincariol for a total amount of BRL 6.30 billion.
From the November 7, 2011, Prepared Foods' Daily News.