Amid a dispute involving the Petrópolis Group and the manager 2Cthe auction of the soy processor Imcopa It goes from the period of completion. The event attracts the interest of investors attentive to the unfolding of the dispute involving the groups, although it does not necessarily depend on their conclusion.
Among those interested in processor assets are great global and national trades.
In 2020, Bunge even finished immers’ assets, but the announcement was annulled in 2021. Cargill also showed interest in the asset in 2023. According to investigation, the two companies are following the ongoing event, as well as exclusively national and Asian acting players.
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Amounts collected in the event, scheduled for July 3, will be destined to the payment of imcopa creditors, in judicial recovery since 2013. The bulk of this amount is precisely the object of the dispute between the Petrópolis group, the Faria family, and members of the R2C manager, Ruy del Gaiso and Renato Mazzuchelli.
By the proposed announcement model, the Petrópolis Group hopes to finally give liquidity to the assets of the processor, currently under its administration, even if there is no definitive resolution on the ownership of the credits.
It turns out that all due to the main creditor – a post disputed by the Faria and Del Gaiso and Mazzuchelli – will be in an account under court after the auction. Any of them will only be entitled to money after the final judgment of the legal obstacle, according to the rules.
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Already another part of $ 14 million of the debts of the processor belonging to BNDES and Voiter (from Banco Master) should be paid shortly after the bid.
It determines that imcopa assets be auctioned in the format of isolated production units (UPI): it is a plant in Cambé, another in Araucaria and the brand of light soybean oil.
It means that it is possible to make a bid only for one of the plants, only by the light brand or their combination. The sum of the minimum bids for factories and the brand is $ 1.67 billion.
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The auction structure exempts the eventual buyer of environmental, regulatory, administrative, criminal, anti -corruption, tax and labor. It was a form found by the Petrópolis Group to convey greater security to the eventual buyer and to accelerate the auction approval.
The R2C says in a statement that “it is judicially questions all irregularities and will leave the potential stakeholders aware of the illegalities of the competitive process.” According to a source near the manager, one of the main arguments is that the sale of assets would generate taxation on capital gain, contrary to the disposal of the tax burden defined by the notice.
The Petrópolis Group countered the argument in a petition pointing out that the receipt of funds with the sale of plants will serve to pay tax credits and, if insufficient, balances will be converted into a future increase in social capital. Accumulated tax losses would also be used.
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R2C also questioned the “integrity of the assets”, whose plants would be “stopped for over a year”. “Imba plants have been stopped for over 1 year, which raises doubts about the integrity of assets.” The scenario is aggravated by the fall in the value of soybean crushing operations and global economic instability, marked by tariff tensions. “
In a statement, the Petrópolis Group reported that although Imbol’s production is paralyzed, its plants are still able to operate and undergo recurring maintenance.
Its assets have an annual capacity to crush 1.5 million tons of soy, produce 240,000 tons of concentrated protein, and pour 80,000 bottles of refined oil per hour.
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Sought, Bunge and Cargill said they did not comment on market rumors.
Dispute for imcopa credits
All 10 years ago: Faria sought the two managers, Del Gaiso and Mazzuchelli, to structure a financial operation and buy imcopa credits in Brazil and abroad.
Outside, in Luxembourg, manager Crowned Capital would be managed by a group of executives near Faria – among them, the partners of R2C. The idea of the family, they claim in the processes, would be behind a lower operating manager than the Petrópolis Group and negotiate the purchase of credits with a disagreement by structuring an agro 1 -named fund, whose Crowned was the only quotaholder. Faria would land capital and receive, through the manager, the credits related to the imcopa judicial recovery. The Petrópolis Group says these credits never returned.
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On the R2C side, the argument is that the Petrópolis Group would have opened the purchase and allowed the sale to a third party, resulting in the 2020 auction. Between comings and goings of the process, the manager passed the hand of the two groups, on the grounds of fraud in the financial operation.
In 2022, the owner of Itaipava presented.
In 2024, Judge Mariana Gluszcynski Fowler Gusso, from the 1st Bankruptcy and Judicial Recovery of Paraná, determined that the administration of the imcopa returned to the hands of the Petrópolis Group. The decision was later suspended by Judge Tito Campos de Paula. When he jumped to the federal sphere, Minister Antonio Carlos Ferreira overthrew the injunction. Abstract: The imcopa has returned to the control of the Faria.
Now, sources close to the Petrópolis Group say there is expectation for the completion of the dispute between October this year and the first half of 2026.
The main reason for optimism was a withdrawal of resources issued by Ricardo Bocchino Ferrari on behalf of Crowned in December 2024. In an appeal registered with the Federal Regional Court of the 1st Region, Ferrari claims to be the legitimate holder and owner of the Luxembourg company. In the document, he dismissed from the management of Renato Mazzuchelli, Mikael Gutierrez Ruiz and Usama Ajan, then part of the corporate framework.
Ferrari asked to revoke the attorney to lawyers granted by the former administration and left the case in the hands of Tiago Limongi. In the appeal, he states that Agro 1 Fund would have been closed and his rights and duties went to Crowned’s ownership as a single quota. The value of the cause is $ 900 million.
In Luxembourg, representatives of R2C contest the property of Crowned Capital. The group claims to have exercised a purchase option about the company in 2024 and owner of 95% of its shares.
Ferrari’s withdrawal at TRF-1 has not yet been approved by a judge. There was also no definitive decision in Luxembourg.
