Renewable Energy Completes Acquisition Of Majority Stake In Germany's Petrotec

(RTTNews) - Renewable Energy Group, Inc. (REGI) said Monday that its subsidiary has completed the acquisition of IC Green Energy's majority stake in German biodiesel producer Petrotec AG.

REG European Holdings B.V. purchased IC Green Energy's 69% stake in Petrotec AG for US$20.9 million, or US $1.235 per share, paid in 2,070,538 newly-issued Renewable Energy Group shares. The Renewable Energy Group subsidiary also purchased IC Green Energy's loan to Petrotec AG in the amount of about US$15.4 million.

REG European Holdings B.V. plans 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 IC Green Energy.

Petrotec is a fully-integrated company utilizing more than 15,000 collection points to gather used cooking oil 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, or 185,000 MT, per year, produced predominantly from used cooking oil.