Ivorian Mayor's Group Is Said to Win Latest Bid for Saf-Cacao

The liquidator of Saf-Cacao, formerly one of Ivory Coast’s biggest cocoa exporters, accepted a new bid for the shipper from a company headed by the mayor of the second-largest city, according to two people familiar with the matter. Liquidator Alain Guillemain approved Saf-Cacao’s sale to Societe Agricole du Cafe-Cacao in a 145 billion CFA francs ($250 million) deal, said the people, who asked not to be identified because they’re not authorized to speak publicly about the matter, Bloomberg News reported. From this amount, 15 billion francs will be allocated for working capital and the remainder to the shipper’s lenders in installments over ten years, said the people. Societe Agricole has to pay the working capital portion before the deal becomes final, they said. Read more