BTG Flips Vanguarda Stake

BTG Pactual has raised BRL112m ($62m) from the sale of shares in Vanguarda Agro in a public auction. The sale of the 295m shares, or 12.7% of the company, comes just days after BTG disclosed it had acquired a 10.9% position in the biofuels company as repayment for a debt. The BRL0.38 price represents a slight premium to the previous day’s BRL0.36 close. Vanguarda shares closed at BRL0.36 Friday.