In Iowa, the Renewable Energy Group announced its wholly-owned subsidiary has completed the acquisition of IC Green Energy’s (ICG) 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 US $20.9 million, or US $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 US $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.
