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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. __)
Cresud Sociedad Anonima Comercial, Inmobiliaria, Financiera y Agropecuaria
Cresud Inc.
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(Name of Issuer)
Common Stock, Par Value 1.00 Peso per Share
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(Title of class of securities)
226406106
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(CUSIP number)
JOSEPH A. ORLANDO
VICE PRESIDENT AND CHIEF FINANCIAL OFFICER
LEUCADIA NATIONAL CORPORATION
315 PARK AVENUE SOUTH
NEW YORK, NEW YORK 10010
WITH A COPY TO:
ANDREA A. BERNSTEIN, ESQ.
WEIL, GOTSHAL & MANGES LLP
767 FIFTH AVENUE
NEW YORK, NEW YORK 10153
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(Name, address and telephone number of person authorized to receive
notices and communications)
March 14, 2008
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(Date of event which requires filing of this statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box
[ ].
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CUSIP No. 226406106 13D Page 2
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1 NAME OF REPORTING PERSON: Leucadia National Corporation
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS: N/A
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM
2(d) OR 2(e): [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION: New York
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NUMBER OF SHARES 7 SOLE VOTING POWER: -0-
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
--------- ---------------------------------------------------------- ---------------
8 SHARED VOTING POWER: 41,536,863
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9 SOLE DISPOSITIVE POWER: -0-
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10 SHARED DISPOSITIVE POWER: 41,536,863
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON: 41,536,863
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN [ ]
SHARES:
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 8.1%*
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14 TYPE OF REPORTING PERSON: CO
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* Based on amounts deemed to be outstanding as reported in Item 5 hereof.
2
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CUSIP No. 226406106 13D Page 3
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1 NAME OF REPORTING PERSON: Phlcorp, Inc.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS: N/A
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM
2(d) OR 2(e): [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION: Pennsylvania
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NUMBER OF SHARES 7 SOLE VOTING POWER: -0-
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
--------- ---------------------------------------------------------- ---------------
8 SHARED VOTING POWER: 41,536,863
--------- ---------------------------------------------------------- ---------------
9 SOLE DISPOSITIVE POWER: -0-
--------- ---------------------------------------------------------- ---------------
10 SHARED DISPOSITIVE POWER: 41,536,863
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON: 41,536,863
------------------------ ----------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN [ ]
SHARES:
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 8.1%*
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14 TYPE OF REPORTING PERSON: CO
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* Based on amounts deemed to be outstanding as reported in Item 5 hereof.
3
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CUSIP No. 226406106 13D Page 4
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1 NAME OF REPORTING PERSON: Baldwin Enterprises, Inc.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS: WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM
2(d) OR 2(e): [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION: Colorado
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NUMBER OF SHARES 7 SOLE VOTING POWER: -0-
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
--------- ---------------------------------------------------------- ---------------
8 SHARED VOTING POWER: 41,536,863
--------- ---------------------------------------------------------- ---------------
9 SOLE DISPOSITIVE POWER: -0-
--------- ---------------------------------------------------------- ---------------
10 SHARED DISPOSITIVE POWER: 41,536,863
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON: 41,536,863
------------------------ ----------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN [ ]
SHARES:
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 8.1%*
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14 TYPE OF REPORTING PERSON: CO
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* Based on amounts deemed to be outstanding as reported in Item 5 hereof.
4
ITEM 1. SECURITY AND ISSUER
The title and class of equity security to which this Statement
on Schedule 13D relates is the common stock, par value 1.00 Peso per share (the
"Common Stock"), of Cresud Sociedad Anonima Comercial, Inmobiliaria, Financiera
y Agropecuaria, an Argentine corporation ("Cresud" or the "Company"). The
address of the principal executive office of the Company is Av. Hipolito
Yrigoyen 440, 3rd floor, (C1086 AAF) Buenos Aires, Argentina.
ITEM 2. IDENTITY AND BACKGROUND.
This Statement on Schedule 13D is filed by Leucadia National
Corporation ("Leucadia"), Phlcorp, Inc. ("Phlcorp") and Baldwin Enterprises,
Inc. ("Baldwin"). Leucadia, Phlcorp and Baldwin are sometimes herein referred to
collectively as the "Reporting Persons," and each as a "Reporting Person."
(a) - (c) and (f) Leucadia is a New York corporation with its
principal office at 315 Park Avenue South, New York, New York 10010. Leucadia is
a diversified holding company engaged in a variety of businesses, including
manufacturing, telecommunications, property management and services, gaming
entertainment, real estate activities, medical product development and winery
operations. Leucadia also owns equity interests in operating businesses and
investment partnerships which are accounted for under the equity method of
accounting, including a broker-dealer engaged in the trading of high yield and
special situation securities, land based contract oil and gas drilling, real
estate activities and development of a copper mine in Spain. Approximately 25.1%
of the common shares of Leucadia outstanding at December 31, 2007 (including
shares issuable pursuant to currently exercisable warrants) are beneficially
owned (directly and through family members and family trusts) by Ian M. Cumming,
Chairman of the Board of Directors of Leucadia, and Joseph S. Steinberg, a
director and President of Leucadia. Charitable foundations independently
established by each of Messrs. Cumming and Steinberg each beneficially own less
than one percent of the outstanding common shares of Leucadia. Mr. Cumming and
Mr. Steinberg each disclaim beneficial ownership of the common shares of
Leucadia held by their respective charitable foundations. Mr. Cumming and Mr.
Steinberg have an oral agreement pursuant to which they will consult with each
other as to the election of a mutually acceptable Board of Directors of
Leucadia.
Phlcorp is a Pennsylvania corporation with its principal
office at 529 East South Temple, Salt Lake City, Utah 84102. Phlcorp is a
holding company through which Leucadia conducts certain of its operations. All
of its outstanding shares are owned by Leucadia.
Baldwin is a Colorado corporation with its principal office at
529 East South Temple, Salt Lake City, Utah 84102. Baldwin is a holding company
through which Leucadia conducts certain of its operations. All of its
outstanding shares are owned by Phlcorp.
The name, business address, present principal occupation or
employment, and citizenship of each director and executive officer of each
Reporting Person is set forth on Schedule A hereto.
(d) - (e) During the last five years none of the Reporting
Persons, nor, to their knowledge, any of their directors or executive officers,
has been (i) convicted of any criminal proceeding (excluding traffic violations
or similar misdemeanors) or (ii) a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result of such proceeding
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was or is subject to a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject to, federal or
state securities laws or finding any violation with respect to such laws.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
On March 14, 2008, Baldwin purchased 55,516,576 coupons
representing preemptive rights and accretive rights to purchase shares of common
stock and warrants of Cresud (collectively, the "Rights") pursuant to the
offering (the "Offering") described in the Prospectus (the "Prospectus"), dated
February 25, 2008, contained in the Company's Registration Statement on Form
F-3, Registration No. 333-146011, filed with the Securities and Exchange
Commission on September 12, 2008. The aggregate amount of funds used by Baldwin
to purchase the Rights reported herein was $348,358 and the amount of funds used
by Baldwin to exercise the preemptive rights to purchase 31,152,648 shares of
Common Stock and 31,152,648 warrants to purchase Common Stock ("Warrants") was
$50,000,000. The 31,152,648 Warrants are convertible into 10,384,215 shares of
Common Stock. The source of funds used in connection with such purchases was
Baldwin's funds available for investment. Pursuant to the exercise of accretion
rights, the Reporting Persons will acquire additional shares of Common Stock and
Warrants. The Company has disclosed that an aggregate of 10,379,955 shares of
Common Stock are subject to the exercise of accretive rights. Based upon this
information, the Reporting Persons believe Baldwin will be entitled to an
additional 2,489,095 shares of Common Stock and Warrants pursuant to its
exercise of accretive rights. Such amounts are not reflected in the beneficial
ownership information reported in this Schedule 13D and will be reported in an
amendment to this Schedule 13D.
ITEM 4. PURPOSE OF TRANSACTION.
The Reporting Persons acquired the Rights, shares of Common
Stock and Warrants reported herein to obtain an equity position in Cresud.
Subject to, among other things, the Company's business prospects, prevailing
prices and market conditions, the Reporting Persons may purchase additional
shares of Common Stock and/or other securities of the Company from time to time
in the open market, in privately negotiated transactions or otherwise. The
Reporting Persons may also dispose of shares of Common Stock and/or other
securities of the Company in the open market, in privately negotiated
transactions or otherwise.
Except as set forth in this Report, neither the Reporting
Persons, nor to their knowledge, any of their respective directors or executive
officers, has any present plan or proposal which relate to or would result in
any of the actions described in subparagraphs (a) through (j) of Item 4 of
Schedule 13D.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) The responses of the Reporting Persons to Rows (7) through
(13) of the cover pages of this Statement on Schedule 13D are incorporated
herein by reference. All percentages in this Item 5 are based on 511,158,987
shares of Common Stock deemed to be outstanding with respect to the Reporting
Persons, following the Offering as set forth in the Prospectus (500,774,772
shares of Common Stock as reported in the Prospectus to be outstanding following
the Offering, and an additional 10,384,215 shares of Common Stock that may be
acquired by the Reporting Persons pursuant to the exercise of the 31,152,648
Warrants beneficially owned by the Reporting Persons). As of March 24, 2008, the
Reporting Persons beneficially owned the following shares of Common Stock:
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(i) Baldwin may be deemed to beneficially own an
aggregate of 41,536,863 shares of Common Stock, representing approximately 8.1%
of the shares of Common Stock deemed to be outstanding with respect to the
Reporting Persons. This consists of (A) 31,152,648 shares of Common Stock,
representing approximately 6.1% of the shares of Common Stock deemed to be
outstanding with respect to the Reporting Persons that Baldwin owns, and (B)
10,384,215 shares of Common Stock, representing approximately 2.0% of the shares
of Common Stock deemed to be outstanding with respect to the Reporting Persons
that Baldwin may be deemed to beneficially own under Rule 13d-3 pursuant to the
terms of the Warrants described in Item 6 of this Statement on Schedule 13D.
(ii) By virtue of its ownership of all of the
outstanding shares of Baldwin, for purposes of this Statement on Schedule 13D,
Phlcorp may be deemed to be the beneficial owner of all of the shares of Common
Stock beneficially owned by Baldwin.
(iii) By virtue of its ownership of all of the
outstanding shares of Phlcorp, for purposes of this Statement on Schedule 13D,
Leucadia may be deemed to be the beneficial owner of all of the shares of Common
Stock beneficially owned by Baldwin.
(iv) By virtue of their ownership of Leucadia common
shares and their positions as Chairman of the Board, and President and a
director, respectively, of Leucadia, for purposes of this Statement on Schedule
13D, Mr. Cumming and Mr. Steinberg may be deemed to be the beneficial owners of
all of the shares of Common Stock beneficially owned by Baldwin.
Baldwin beneficially owns or has voting power with respect to
approximately 26.27% of the common shares of IFIS Limited ("IFIS"). As disclosed
in the Prospectus, IFIS, through its subsidiaries, is deemed to beneficially own
approximately 32.1% of the Common Stock (without regard to the exercise of any
Rights by IFIS) and is the Company's largest shareholder. The Reporting Persons
disclaim beneficial ownership of the Common Stock owned by IFIS.
(b) The responses of the Reporting Persons to Rows (7) through
(10) of the cover pages of this Statement on Schedule 13D and Item 5(a) hereof
are incorporated herein by reference. Leucadia, Phlcorp and Baldwin may be
deemed to share voting and dispositive power with respect to all] shares of
Common Stock beneficially owned by Baldwin reflected in this Statement on
Schedule 13D.
Although the Reporting Persons do not currently have
the power to vote or dispose of the 10,384,215 shares of Common Stock that
Leucadia, Phlcorp and Baldwin may be deemed to beneficially own pursuant to the
terms of the Warrants described in Item 6 of this Statement on Schedule 13D,
Leucadia, Phlcorp and Baldwin may be deemed under Rule 13d-3 to share voting and
dispositive power with respect to the 10,384,215 shares of Common Stock
acquirable pursuant to the exercise of these Warrants.
(c) Except as set forth herein, the Reporting Persons have not
effected any transaction in shares of Common Stock during the sixty (60) days
preceding the date of this Statement.
(d) Not applicable.
(e) Not applicable.
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ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
Pursuant the Offering, the Company offered its shareholders
rights to subscribe for 180,000,000 shares of Common Stock, together with the
right to receive 180,000,000 Warrants. As further described in the Prospectus,
under the terms of the Offering each share of Common Stock held entitled its
holder to one right (a "Right") to subscribe for (i) 0.561141 shares of Common
Stock, (ii) additional shares of Common Stock that remained unsubscribed after
the Offering pursuant to the exercise of accretion rights, and (iii) for each
new share of Common Stock purchased in the Offering, one Warrant for no
additional consideration.
On March 14, 2008, Baldwin purchased 55,516,576 Rights on the
Buenos Aires Stock Exchange and, pursuant to the Offering, on or about March 17,
2008, subscribed for 31,152,648 shares of Common Stock and Warrants to purchase
an additional 10,384,215 shares of Common Stock, as well as its full allotment
of accretion rights to purchase additional shares of Common Stock and Warrants.
The Warrants are exercisable during the six-day period from and including the
17th through the 22nd day of each February, May, September and November,
commencing with the period from May 17 through May 22, 2008; the Warrants expire
on May 22, 2015.
The Reporting Persons expect to convert the shares of Common
Stock beneficially owned into American Depositary Shares (the "ADSs"), each of
which represents 10 shares of Common Stock. The ADSs are traded on the NASDAQ
Global Select Market under the symbol "CRESY."
In connection with its purchase of shares of Common Stock and
Warrants, Baldwin has reached an oral understanding with Mr. Eduardo S.
Elsztain, Chairman of the Board of Directors of Cresud and a significant
shareholder of IFIS, whereby Mr. Elsztain will have the right to purchase 20% of
the total number of ADSs and Warrants owned by Baldwin (the "Call Right"),
including ADSs and Warrants acquired in connection with the exercise of
accretion rights at a price that provides Baldwin with a 15% return calculated
on an annual basis. The Call Right is exercisable up to and including March 11,
2010 (the "Exercise Period") and terminates upon the expiration of the Exercise
Period. The Call Right is transferable to affiliates of Mr. Elsztain.
Pursuant to Rule 13d-1(k) promulgated under the Exchange Act,
the Reporting Persons have entered into an agreement with respect to the joint
filing of this Statement on Schedule 13D, and any amendment or amendments
thereto, a copy of which is attached hereto as Exhibit 1 and incorporated herein
by reference in its entirety.
All information included in this Statement on Schedule 13D
pertaining to the Offering, the Rights and the Warrants is based on information
provided in the Prospectus. The information supplied herein with respect to the
number of Common Shares and Warrants acquired by the Reporting Persons is
estimated based on information in the Prospectus and public disclosure by the
Company with respect to the Offering. The Reporting Persons will not be able to
confirm such information until the final results of the Offering are disclosed
by the Company. As previously disclosed, the Company has not yet disclosed the
number of shares of Common Stock that will be issued to the Reporting Persons in
connection with the exercise of accretion rights.
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ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
EXHIBIT 1 Agreement as to Joint Filing of Schedule 13D, dated March
21, 2008, by and among Leucadia National Corporation,
Phlcorp, Inc. and Baldwin Enterprises, Inc.
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SIGNATURES
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
Dated: March 24, 2008
LEUCADIA NATIONAL CORPORATION
By: /s/ Joseph A. Orlando
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Name: Joseph A. Orlando
Title: Vice President and
Chief Financial Officer
PHLCORP, INC.
By: /s/ Joseph A. Orlando
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Name: Joseph A. Orlando
Title: Vice President
BALDWIN ENTERPRISES, INC.
By: /s/ Joseph A. Orlando
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Name: Joseph A. Orlando
Title: Vice President
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EXHIBIT INDEX
Exhibit No.
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1 Agreement as to Joint Filing of Schedule 13D, dated March 21, 2008,
by and among Leucadia National Corporation, Phlcorp, Inc. and Baldwin
Enterprises, Inc.
Schedule A
DIRECTORS AND EXECUTIVE OFFICERS OF THE LEUCADIA REPORTING PERSONS
The name, business address, present principal occupation or employment and the
name, principal business and address of any corporation or other organization in
which such employment is conducted, of each of the directors and executive
officers of the Reporting Persons is set forth below. Unless otherwise
specified, the business address of each person listed below is c/o Leucadia
National Corporation, 315 Park Avenue South, New York, NY 10010. To the
knowledge of the Reporting Persons, each person listed below is a United States
citizen.
For purposes of this Schedule A, Leucadia is "(a)", Phlcorp is "(b)", and
Baldwin is "(c)".
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Principal Occupation or
Name and Business Address Directorships Offices Employment
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Ian M. Cumming (a), (c) Chairman of the Board of (a); Chairman of the Board of (a)
c/o Leucadia National Corporation Chairman of the Board of (c)
529 E. South Temple
Salt Lake City, Utah 84102
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Joseph S. Steinberg (a), (c) President of (a); President President of (a)
of (c)
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Paul M. Dougan (a) -- Private Investor
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Lawrence D. Glaubinger (a) -- Private Investor
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James E. Jordan (a) -- Private Investor
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Jesse Clyde Nichols, III (a) -- Private Investor
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Alan J. Hirschfield (a) -- Private Investor and
Consultant
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Jeffrey C. Keil (a) -- Private Investor
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Philip M. Cannella (b) Assistant Vice President Assistant Vice President
and Director of Taxes of (a); and Director of Taxes of (a)
Vice President of (b);
Vice President of (c)
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Thomas E. Mara (b) Executive Vice President of Executive Vice President of
(a); (a)
President of (b);
Executive Vice President of
(c)
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Principal Occupation or
Name and Business Address Directorships Offices Employment
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Joseph A. Orlando (b), (c) Vice President and Chief Vice President and Chief
Financial Officer of (a); Financial Officer of (a)
Vice President and
Treasurer of (b); Vice
President of (c)
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Barbara L. Lowenthal -- Vice President and Vice President and
Comptroller of (a); Comptroller of (a)
Vice President of (c)
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Justin R. Wheeler -- Vice President of (a); Vice President of (a)
Vice President of (c)
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Jane Goldman -- Assistant Vice President of Assistant Vice President of
(a); (a)
Vice President of (b)
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Joseph M. O'Connor -- Vice President of (a); Vice President of (a)
Vice President of (b);
Vice President of (c)
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Joseph E. Sartin -- Vice President and Vice President and
Assistant Secretary of (b) Assistant Secretary of (b)
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Rocco J. Nittoli -- Treasurer of (a); Treasurer of (a)
Treasurer of (c)
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Patrick D. Bienvenue -- Vice President of (c) Vice President of (c)
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Corinne A. Maki -- Vice President & Assistant Vice President & Assistant
Secretary of (c) Secretary of (c)
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