Overview

• Celulosa Argentina disclosed a cambio de control as a hecho relevante to the CNV, naming Esteban Nofal (Grupo CIMA) as the new controller after purchases from Douglas Lee Albrecht, José Manuel Urtubey and Juan Manuel Collado.
• Nofal acquired 452.6 million Class B shares (4.48% of capital) and 100% of Tapebicua Cayman Limited, reaching roughly 45.5% of the company’s capital and voting rights, according to the filing.
• El Cronista reported a total transaction price of US$1 for the deal.
• Under CNV rules the change of control requires a public tender offer for all outstanding shares, and Nofal plans to request an exception to the usual reference pricing due to the firm’s financial distress.
• The company remains in concurso de acreedores after heavy losses and more than US$128 million in claims, with key plants previously suspended as it seeks a path to recovery.