South Korean ethanol companies consolidate in cash deal

In South Korea, after calling negotiations off in April when an agreement on terms couldn’t be reached, Changhae Ethanol finally got a deal to buy the entire 750,000 shares of Hite Jinro Ethanol for $59.2 million.  After the deal fell through, Hite Jinro said it would continue to search for a buyer but apparently in the end Changhae won out. The new parent company has increased its short-term debt by $29.6 million to pay for the transaction. It expects the transaction to be finalized by July 29.