GIA bids for Clean Energy Brazil after upping stake

Investment group Global Investors Acquisition (GIA) has launched a bid for biofuels investor Clean Energy Brazil (CEB.L) CHEB.PZ after raising its stake in the company to 42 percent, it said on Friday. GIA, a vehicle established with investors Brookdale Global Opportunity Fund and Brookdale International Partners, said it was bidding 12.68 pence per share in cash for the 58 percent of Clean Energy Brazil it does not already own. It earlier raised its stake to 42 percent from 28.5 percent. The bid values Clean Energy Brazil at 18.7 million pounds ($29.7 million), or 21 percent above its closing share price on Friday.