ED&F Man Holdings Limited intends to make an offer to acquire 57.26% stake in Empresas Iansa S.A. (SNSE:IANSA) for CLP 58.9 billion on June 22, 2015. In a related transaction, ED&F Man Holdings Limited intends to make an offer to acquire 39.04% stake in Sociedad de Inversiones Campos Chilenos S.A. (SNSE:CAMPOS) for CLP 12 billion on June 22, 2015. ED&F Man will offer CLP 25.84 per share in cash as consideration. As of August 4, 2015, ED&F Man increased the offer price to CLP 26.6 per share. However, the offer remained rejected by Habitat and Nevasa, minority stakeholders of Empresas Iansa. Another minority shareholders joined the vote, reaching 13.37% votes against the transaction. As of August 4, 2015, ED&F Man further increased the offer price to CLP 27.4 per share. ED&F Man intends to finance the offers from its existing available liquidity. The offer will be launched simultaneously by a wholly-owned subsidiary of ED&F Man as soon as possible, but in any event no later than July 22, 2015. Since the offer will be launched simultaneously with the Campos offer, ED&F Man does not expect that Campos will sell its shares in the Iansa offer. The offer will be subject to an extraordinary shareholders meeting of Iansa to approve amendments to its bylaws, removing the share ownership limit of 55% and other related restrictions based on Chapter XII of DL 3500, a minimum acceptance of 32.26% so that ED&F Man controls a minimum, direct and indirect, shareholding in Iansa of 75% and the success of the Campos offer. The offer period will run from July 20, 2015 to August 18, 2015.

As of August 14, 2015, the offer period has been extended until September 2, 2015. As on August 14, 2015, Chilean securities regulator declares shareholders vote on Iansa's acquisition invalid. The second ballot held at the shareholders' meeting last week has been revoked. The regulator said that the conditions described in the first ballot were different from those in the second one. BTG Pactual acted as exclusive financial advisor to ED&F Man and will act as deal manager of the offer. Baker & Mckenzie LLP, London acted as legal advisor to ED&F Man Holdings Limited.

ED&F Man Holdings Limited completed the acquisition of 49.2% stake in Empresas Iansa S.A. (SNSE:IANSA) from Erwin Borchers and others for CLP 53.7 billion on September 2, 2015. Under the offer, Erwin Borchers sold 2.5 million shares of Iansa.