Argentina: Grupo Empresarial Alimentos Europeos Announces Purchase from Banco Sudameris Patagonia de la Argentina of holdings in Química Estrella S.A. (Buenos Aires Stock Exchange symbol QES).
Last Updated: 19 February 2004

Grupo Empresarial Alimentos Europeos, a privately owned Spanish holding company, has announced its purchase from Banco Sudameris Patagonia de la Argentina of holdings in Química Estrella S.A. (Buenos Aires Stock Exchange symbol QES). The acquisition, priced at slightly less than U.S.$1 million, gives Grupo Empresarial a 40.4% stake in Química Estrella.

Química Estrella, a food products conglomerate, controls well-known Argentine brands like Cruz de Malta mate (a tea like beverage consumed mainly in Argentina, Uruguay, Paraguay and southern Brazil), Toddy chocolate powder and Gallo rice. The company is currently restructuring approximately AR$ 100 million in bank and other financial debt.

Negri, Teijeiro & Incera, led by Federico Busso and associate Lucila Escriña, represented the buyer, Grupo Empresarial, in the transaction.

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