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Mubadala makes best offer for BPBunge while withdrawing Burger King Brazil offer
Mubadala made the best offer for ethanol joint venture BP Bunge Bioenergia while revoking its tender offer to buy a controlling stake in Brazil's Zamp SA, owner of the Burger King Brazil.
The Valor Economico newspaper estimates that Abu Dhabi state investor Mubadala’s offer for BP Bunge Bioenergia could be worth over $1.7 billion.
The purchase isn’t expected before the October elections in Brazil.
Mubadala had offered 8.31 reais, or $1.61, per share to buy a 45.15 percent stake in Zamp this month, after offering 7.55 reais per share in August.
The revocation of the tender offer caused prompting shares of Zamp SA to fall 6.5 percent to 6.80 reais.
According to the Abu Dhabi investor, it dropped out after failing to obtain confirmation on whether the deal would terminate Zamp's franchise and trademark licensing agreements.
Restaurant Brands International Inc,, Burger King's master franchisor, said it could not issue a waiver requested by Mubadala for the transaction to proceed.