BTG to Flip Vanguarda Stake

BTG Pactual plans to sell Friday 247.2m shares, or 10.65% of Vanguarda Agro through an auction, only days after announcing it had purchased a 10.87% stake. The bank and asset manager plans to sell the shares at BRL0.35 each, indicating a BRL87m ($48m) total sale. BTG had acquired the shares in the biofuels producer, formerly known as Brasil Ecodiesel when one of Vanguarda’s shareholders used them to repay debt to BTG.