By the time the 2008 harvest ended in October, Santelisa had stopped paying its suppliers. "We were never late on payments," Junqueira recalls of Vale's business practices. Soon afterwards, Santelisa started to look for a partner to rescue it.
Fears for ethanol deal
Difficult negotiations are holding up the takeover of Brazilian ethanol giant Santelisa Vale by French commodities group Louis Dreyfus.
21 May 2009 22:00 GMT
Updated
25 November 2012 9:33 GMT
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