Shareholders of La Seda de Barcelona (Barcelona / Spain; www.laseda.es) by an 88.3% majority have approved an equity increase of EUR 300m, part of which is a debt for equity swap. For its capital injection of EUR 150m, Portugal's BA Vidro (Lisbon; www.bavidro.com) stands to gain a stake of up to 30%. After shedding its EUR 466.5m debt burden, the Spanish PET producer plans to refocus on the bottle market.
La Seda has put its polymerisation plants at Tarragona / Spain and Acerra / Italy up for sale. It is believed to have been offered up to EUR 50m for Tarragona.