Grupo Vicentin will sell its dairy business Alimentos Refrigerados SA (ARSA), according to a person familiar with the matter.
The family group cannot proceed with the sale until a court in the city of Rosario has ruled that there is no conflict with the bankruptcy process of soy exporter Vicentin SAIC, said the person, who asked not to be identified because the matter is private. .
In 2016, Vicentin Family Group bought 90 percent of dairy desserts and yogurts business ARSA from the SanCor cooperative for US$100 million. Vicentin SAIC and the rest of the assets of the family group are independent entities. In February, the group sold its 50 percent stake in meat exporter Friar SA to Amsterdam-based BAF Capital SA.
International banks to which Vicentin SAIC owed hundreds of millions of dollars last year accused the owners of draining money from the soybean oil company to sister companies; the owners denied any wrongdoing. A group led by Glencore Plc's food trading division, Viterra, has expressed interest in taking over Vicentin SAIC.