Renewable Energy Group (REG) announced today that its wholly-owned subsidiary has completed the acquisition of IC Green Energy’s (ICG) majority equity ownership position in German biodiesel producer Petrotec,
REG purchased ICG’s 69% equity ownership in Petrotec for $20.9 million, or $1.235/share, paid in 2,070,538 newly-issued REG shares.
REG also purchased ICG’s loan to Petrotec in the amount of approximately $15.4 million. REG says it intends to make a cash tender offer in the next several weeks for all other Petrotec shares at a price no less than the value per share received by ICG.
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