Two companies offer $3.5 million each for bankrupt dairy maker ARSA’s assets

Adecoagro raised its conditional proposal to match Vicentin’s bid as the companies dispute how the plants and brands should be sold.

Adecoagro, through subsidiary L3N, and Vicentin have each offered $3.5 million for the assets of bankrupt Argentine dairy producer Alimentos Refrigerados SA (ARSA), La Nación reported. The package includes plants in Arenaza and Monte Cristo, brands such as Yogs and Shimy, and other property. L3N confirmed the amount in a court filing but made it conditional on inspecting the plants and reviewing documents. It said it had not yet received permission to access the facilities.

Vicentin’s August 21 proposal was described as irrevocable and binding. The company also said it had deposited a guarantee equal to 10% of the offer. L3N, by contrast, said it could revise its proposal or withdraw after its review and would not assume ARSA’s debts or labour and commercial obligations.

The companies also disagree over the sale process. Vicentin wants the entire package and has asked for the right to match the best competing bid. L3N is seeking an open process without preferential rights, arguing that such a provision could discourage other bidders. At the time of La Nación’s report, the court had not selected a buyer.