According to an article by Bloomberg, Mexican paper giant Copamex Industrias SA is readying a bid to acquire majority control of Venepal SA, Venezuela's unprofitable paper company, El Nacional reported. Copamex is negotiating Venepal's creditors to buy convertible bonds they hold that would give it a 58 percent stake in the company; the banks acquired the bonds in a debt-for-equity swap in August
that saved Venepal from bankruptcy. An agreement between Copamex and the 16 banks that hold the bonds is expected before March 31, bankers said.
Copamex is Mexico's second-largest maker of tissue paper behind Kimberly-Clark de Mexico.
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