REG closes acquisition of majority stake in Germany's Petrotec
Renewable Energy Group Inc. announced Dec. 29 that its wholly owned subsidiary has completed the acquisition of IC Green Energy’s majority equity ownership position in German biodiesel producer Petrotec AG.
REG European Holdings B.V. purchased ICG’s 69 percent equity ownership in Petrotec AG for $20.9 million, or $1.235 per share, paid in 2,070,538 newly issued REG shares. The REG subsidiary also purchased ICG’s loan to Petrotec AG in the amount of approximately $15.4 million. REG European Holdings B.V. 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.
Petrotec is a fully integrated company utilizing more than 15,000 collection points to gather used cooking oil (UCO) and other waste feedstocks to produce biodiesel at its two biorefineries in Emden and Oeding, Germany. Petrotec’s nameplate production capacity is 55.5 million gallons (185,000 MT) per year, produced predominantly from UCO. Petrotec’s collection service, treatment processes and biorefineries are certified by both German and European regulators. Its biodiesel is compliant with EU standard EN 14214.
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