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REG closes acquisition of Petrotec

Renewable Energy Group's wholly-owned subsidiary, REG European Holdings, has completed the acquisition of IC Green Energy's (ICG) majority equity ownership position in German biodiesel producer Petrotec.

The US advanced biofuels producer and developer of renewable chemicals' subsidiary purchased ICG's 69% equity ownership in Petrotec for $20.9 million (€18 million), or $1.2 per share, paid in 2,070,538 newly-issued REG shares. The REG subsidiary also purchased ICG's loan to Petrotec, valued at approximately $15.4 million. REG European Holdings hopes to make a cash tender offer in the coming weeks for all other Petrotec shares at a comparable price no less than the value per share received by ICG.