<SEC-DOCUMENT>0001104659-25-014551.txt : 20250218
<SEC-HEADER>0001104659-25-014551.hdr.sgml : 20250218
<ACCEPTANCE-DATETIME>20250218081839
ACCESSION NUMBER:		0001104659-25-014551
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D/A
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20250218
DATE AS OF CHANGE:		20250218

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Adecoagro S.A.
		CENTRAL INDEX KEY:			0001499505
		STANDARD INDUSTRIAL CLASSIFICATION:	AGRICULTURE PRODUCTION - CROPS [0100]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-86092
		FILM NUMBER:		25632823

	BUSINESS ADDRESS:	
		STREET 1:		13-15 Avenue de la Liberte
		CITY:			N/A
		STATE:			N4
		ZIP:			L-1931
		BUSINESS PHONE:		352 2689-8213

	MAIL ADDRESS:	
		STREET 1:		13-15 Avenue de la Liberte
		CITY:			N/A
		STATE:			N4
		ZIP:			L-1931

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Tether Holdings, S.A. de C.V.
		CENTRAL INDEX KEY:			0002025889
		ORGANIZATION NAME:           	
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			H3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		FINAL AV. LA REVOLUCION, EDIF. CENTRO
		STREET 2:		CORPORATIVO PRESIDENTE PLAZA, NIVEL 12
		CITY:			SAN SALVADOR
		STATE:			H3
		ZIP:			00000
		BUSINESS PHONE:		443333355842

	MAIL ADDRESS:	
		STREET 1:		FINAL AV. LA REVOLUCION, EDIF. CENTRO
		STREET 2:		CORPORATIVO PRESIDENTE PLAZA, NIVEL 12
		CITY:			SAN SALVADOR
		STATE:			H3
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Tether Holdings Ltd
		DATE OF NAME CHANGE:	20240604
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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    <submissionType>SCHEDULE 13D/A</submissionType>
    <previousAccessionNumber>0001104659-24-090580</previousAccessionNumber>
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      <filer>
        <filerCredentials>
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          <cik>0002025889</cik>
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    <coverPageHeader>
      <amendmentNo>7</amendmentNo>
      <securitiesClassTitle>Common Shares, par value $1.50 per share</securitiesClassTitle>
      <dateOfEvent>02/14/2025</dateOfEvent>
      <previouslyFiledFlag>false</previouslyFiledFlag>
      <issuerInfo>
        <issuerCIK>0001499505</issuerCIK>
        <issuerCUSIP>L00849106</issuerCUSIP>
        <issuerName>ADECOAGRO S.A.</issuerName>
        <address>
          <com:street1>28, Boulevard F.W. Raiffeisen</com:street1>
          <com:city>Luxembourg</com:city>
          <com:stateOrCountry>N4</com:stateOrCountry>
          <com:zipCode>L-2411</com:zipCode>
        </address>
      </issuerInfo>
      <authorizedPersons>
        <notificationInfo>
          <personName>Tether Holdings, S.A. de C.V.</personName>
          <personPhoneNum>443333355842</personPhoneNum>
          <personAddress>
            <com:street1>Final Av. La Revolucion, Edif. Centro,</com:street1>
            <com:street2>Corporativo Presidente Plaza,</com:street2>
            <com:city>Nivel 12 San Salvador</com:city>
            <com:stateOrCountry>H3</com:stateOrCountry>
            <com:zipCode>00000</com:zipCode>
          </personAddress>
        </notificationInfo>
        <notificationInfo>
          <personName>Daniel Woodard</personName>
          <personPhoneNum>(212) 547-5400</personPhoneNum>
          <personAddress>
            <com:street1>McDermott Will &amp; Emery LLP</com:street1>
            <com:street2>One Vanderbilt Avenue</com:street2>
            <com:city>New York</com:city>
            <com:stateOrCountry>NY</com:stateOrCountry>
            <com:zipCode>10017</com:zipCode>
          </personAddress>
        </notificationInfo>
      </authorizedPersons>
    </coverPageHeader>
    <reportingPersons>
      <reportingPersonInfo>
        <reportingPersonCIK>0002025889</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Tether Holdings, S.A. de C.V.</reportingPersonName>
        <fundType>OO</fundType>
        <legalProceedings>Y</legalProceedings>
        <citizenshipOrOrganization>H3</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>20398699.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>20398699.00</sharedDispositivePower>
        <aggregateAmountOwned>20398699.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>20.2</percentOfClass>
        <typeOfReportingPerson>CO</typeOfReportingPerson>
        <commentContent>Note in relation to Items 8, 10 and 11: Includes 20,398,699 common shares, par value $1.50 per share ("Common Shares") of Adecoagro S.A. held by Tether Investments, S.A. de C.V., a wholly owned subsidiary of Tether Holdings, S.A. de C.V.

Note in relation to Item 13: This percentage is calculated based upon 100,836,801 Common Shares outstanding as of September 30, 2024 as set forth in the Issuer's Form 6-K filed with the Securities and Exchange Commission on November 13, 2024.</commentContent>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonNoCIK>Y</reportingPersonNoCIK>
        <reportingPersonName>Tether Investments, S.A. de C.V.</reportingPersonName>
        <fundType>WC</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>H3</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>20398699.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>20398699.00</sharedDispositivePower>
        <aggregateAmountOwned>20398699.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>20.2</percentOfClass>
        <typeOfReportingPerson>CO</typeOfReportingPerson>
        <commentContent>Note in relation to Item 13: This percentage is calculated based upon 100,836,801 Common Shares outstanding as of September 30, 2024 as set forth in the Issuer's Form 6-K filed with the Securities and Exchange Commission on November 13, 2024.</commentContent>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonNoCIK>Y</reportingPersonNoCIK>
        <reportingPersonName>Giancarlo Devasini</reportingPersonName>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>L6</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>20398699.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>20398699.00</sharedDispositivePower>
        <aggregateAmountOwned>20398699.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>20.2</percentOfClass>
        <typeOfReportingPerson>IN</typeOfReportingPerson>
        <commentContent>Note in relation to Items 8, 10 and 11: Includes 20,398,699 Common Shares held by Tether Investments, S.A. de C.V., a wholly owned subsidiary of Tether Holdings, S.A. de C.V. Mr. Devasini has a greater than 50% voting interest in Tether Holdings, S.A. de C.V. The reporting person disclaims beneficial ownership of these shares except to the extent of the reporting person's pecuniary interest.

Note in relation to Item 13: This percentage is calculated based upon 100,836,801 Common Shares outstanding as of September 30, 2024 as set forth in the Issuer's Form 6-K filed with the Securities and Exchange Commission on November 13, 2024.</commentContent>
      </reportingPersonInfo>
    </reportingPersons>
    <items1To7>
      <item1>
        <securityTitle>Common Shares, par value $1.50 per share</securityTitle>
        <issuerName>ADECOAGRO S.A.</issuerName>
        <issuerPrincipalAddress>
          <com:street1>28, Boulevard F.W. Raiffeisen</com:street1>
          <com:city>Luxembourg</com:city>
          <com:stateOrCountry>N4</com:stateOrCountry>
          <com:zipCode>L-2411</com:zipCode>
        </issuerPrincipalAddress>
        <commentText>This statement on Schedule 13D amends the Schedule 13D of Tether Holdings Limited, a British Virgin Islands business company, Tether Investments Limited, a British Virgin Islands business company, Ludovicus Jan Van der Velde and Giancarlo Devasini that was originally filed with the Securities and Exchange Commission on August 16, 2024, as amended by Amendment No. 1 filed on September 9, 2024, Amendment No. 2 filed on September 20, 2024, Amendment No. 3 filed on September 30, 2024, Amendment No. 4 filed on October 18, 2024, Amendment No. 5 filed on November 5, 2024 and Amendment No. 6 filed on November 18, 2024 (as amended, the "Schedule 13D") with respect to the Common Shares, par value $1.50 per share ("Common Shares") of Adecoagro S.A., a societe anonyme under the laws of the Grand Duchy of Luxembourg (the "Issuer"). This amendment to the Schedule 13D is being filed by Tether Holdings, S.A. de C.V. (f/k/a Tether Holdings Limited), an El Salvador entity, Tether Investments, S.A. de C.V. (f/k/a Tether Investments Limited), an El Salvador entity, and Giancarlo Devasini (collectively, the "Reporting Persons") and constitutes Amendment No. 7 to the Schedule 13D. Capitalized terms used but not defined herein have the meanings given to such terms in the Schedule 13D. Except as set forth herein, the Schedule 13D is unmodified.</commentText>
      </item1>
      <item2>
        <filingPersonName>See the Schedule 13D, as amended, for historical information. Item 2 is amended and supplemented as follows:

Certain information regarding Tether Holdings, S.A. de C.V., Tether Investments, S.A. de C.V. and their respective executive officers and directors is set forth on Schedule A attached hereto.</filingPersonName>
      </item2>
      <item3>
        <fundsSource>See the Schedule 13D, as amended, for historical information. Item 3 is amended and supplemented as follows:

Tether Investments, S.A. de C.V. used cash from its own working capital to make the purchases of Common Shares listed on Schedule B hereto.</fundsSource>
      </item3>
      <item4>
        <transactionPurpose>Item 4 is hereby amended and supplemented to add the following:

On February 14, 2025, Tether Investments, S.A. de C.V. sent a letter (the "Letter") to the Issuer, proposing to make an offer to acquire from other shareholders of the Issuer, for a purchase price of $12.41 per share in cash, such number of outstanding Common Shares not currently held by the Reporting Persons that would result in the Reporting Persons collectively holding 51% of the outstanding Common Shares (the "Proposed Transaction"). The transaction would be wholly funded in cash from existing cash reserves of the Reporting Persons and would not be contingent on any financing requirements. The Proposed Transaction is subject to the completion of due diligence and negotiation of definitive agreements. The foregoing summary of the Letter is not intended to be complete and is qualified in its entirety by reference to the full text of the Letter, which is filed herewith as Exhibit 99.2 and is incorporated herein by reference.

No assurances can be given that the Proposed Transaction will be consummated. No legally binding obligation with respect to the Proposed Transaction will arise unless and until the relevant parties enter into mutually acceptable definitive documentation. This Schedule 13D is not an offer to purchase or a solicitation of an offer to sell any securities.

The Reporting Persons intend to engage in discussions with the Issuer regarding the Proposed Transaction. The Reporting Persons may change the terms of the Proposed Transaction, determine to accelerate or terminate discussions with the Issuer with respect to the Proposed Transaction, withdraw the proposal described in the Letter or any other proposal with respect to the Proposed Transaction, take any action to facilitate or increase the likelihood of consummation of the Proposed Transaction, or change their intentions with respect to any such matters, in each case at any time and without prior notice. The Reporting Persons and their subsidiaries reserve the right to, directly or indirectly, take such additional steps as they may deem appropriate to further the Proposed Transaction or otherwise to support their investment in the Issuer, including, without limitation: (a) engaging in discussions with other shareholders, potential sources of financing, advisors and other relevant parties; and (b) entering into confidentiality arrangements, financing commitments, and other agreements, arrangements and understandings in connection with the Proposed Transaction.

The Proposed Transaction may result in one or more of the actions specified in clauses (a) to (j) of Item 4 of Schedule 13D, including, without limitation, the acquisition of additional securities of the Issuer, a merger or other extraordinary transaction involving the Issuer, the delisting of the Common Shares from the New York Stock Exchange and the Common Shares becoming eligible for termination of registration pursuant to Section 12(g)(4) of the Securities Exchange Act of 1934, as amended.

The Reporting Persons intend to review their investment in the Issuer on a continuing basis. Depending on various factors, including, without limitation, the outcome of any discussions referenced above, the Issuer's financial position, results and strategic direction, actions taken by the Issuer's management and the Board, price levels of the Common Shares and other investment opportunities available to the Reporting Persons, the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as they deem appropriate, including, without limitation, acquiring additional Common Shares and/or other equity or other securities of the Issuer or disposing of some or all of the securities beneficially owned by them in public market or privately negotiated transactions and/or otherwise changing their intention with respect to any and all matters referred to in Item 4 of Schedule 13D.</transactionPurpose>
      </item4>
      <item5>
        <percentageOfClassSecurities>The Reporting Persons beneficially own an aggregate of 20,398,699 shares of the Issuer's Common Shares, representing 20.2% of the outstanding Common Shares.</percentageOfClassSecurities>
        <numberOfShares>Each of the Reporting Persons has voting and dispositive power with respect to the beneficially owned 20,398,699 shares. The percentages reported herein are calculated based upon 100,836,801 Common Shares outstanding as of September 30, 2024 as set forth in the Issuer's Form 6-K filed with the Securities and Exchange Commission on November 13, 2024.</numberOfShares>
        <transactionDesc>Schedule B sets forth the transactions in the Common Shares effected by the Reporting Persons during the past 60 days.</transactionDesc>
        <listOfShareholders>None.</listOfShareholders>
        <date5PercentOwnership>Not applicable.</date5PercentOwnership>
      </item5>
      <item7>
        <filedExhibits>Schedule A - Executive Officers and Directors
Schedule B - Open Market Purchases
Exhibit 99.1 - Joint Filing Agreement, dated as of February 18, 2025
Exhibit 99.2 - Letter to the Issuer, dated February 14, 2025</filedExhibits>
      </item7>
    </items1To7>
    <signatureInfo>
      <signaturePerson>
        <signatureReportingPerson>Tether Holdings, S.A. de C.V.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Giancarlo Devasini</signature>
          <title>Giancarlo Devasini, President</title>
          <date>02/18/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Tether Investments, S.A. de C.V.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Giancarlo Devasini</signature>
          <title>Giancarlo Devasini, Sole Administrator</title>
          <date>02/18/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Giancarlo Devasini</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Giancarlo Devasini</signature>
          <title>Giancarlo Devasini, individually</title>
          <date>02/18/2025</date>
        </signatureDetails>
      </signaturePerson>
    </signatureInfo>
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<DOCUMENT>
<TYPE>EX-99.A
<SEQUENCE>2
<FILENAME>tm253713d1_sch-a.htm
<DESCRIPTION>SCHEDULE A
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Schedule A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Executive Officers and Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following sets forth the name, country of
citizenship, position and principal occupation of each executive officer and member of the board of directors of Tether Holdings, S.A. de C.V. and Tether Investments, S.A. de C.V.. Except as indicated below, none of the persons listed below has been convicted of a crime (other than
traffic violations or similar misdemeanors) or been subject to proceedings pertaining to violations of securities laws within the past
5 years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Executive Officers and Directors of Tether Holdings, S.A. de C.V.</U></B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 20%; border: black 1pt solid; padding: 20pt 5.4pt 4pt"><FONT STYLE="font-size: 10pt"><B><U>Name and Citizenship</U></B></FONT></TD>
    <TD STYLE="width: 20%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 20pt 5.4pt 4pt"><FONT STYLE="font-size: 10pt"><B><U>Position and Principal Occupation</U></B></FONT></TD>
    <TD STYLE="width: 35%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 20pt 5.4pt 4pt"><FONT STYLE="font-size: 10pt"><B><U>Beneficial Ownership</U></B></FONT></TD>
    <TD STYLE="width: 25%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 20pt 5.4pt 4pt"><FONT STYLE="font-size: 10pt"><B><U>Business Address</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 20pt; padding-right: 5.4pt; padding-left: 5.4pt"><Font>Giancarlo Devasini, citizen of Italy</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 20pt; padding-right: 5.4pt; padding-left: 5.4pt"><Font>President</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 20pt; padding-right: 5.4pt; padding-left: 5.4pt"><Font>20,398,699</Font>
    <SUP>(1)</SUP>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 20pt; padding-right: 5.4pt; padding-left: 5.4pt"><Font>Final Av. La Revolucion,<BR>
 Colonia San Benito, Edif.<BR>
 Centro, Corporativo<BR>
 Presidente Plaza, Nivel 12,<BR>
 Oficina 2, Distrito de San<BR>
 Salvador,
Municipio de San <BR>
Salvador Centro, Republica<BR>
 de El Salvador</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 20pt; padding-right: 5.4pt; padding-left: 5.4pt"><Font>Ludovicus Jan Van der Velde, citizen of the Netherlands</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 20pt; padding-right: 5.4pt; padding-left: 5.4pt">Alternate President</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 20pt; padding-right: 5.4pt; padding-left: 5.4pt">0</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 20pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Final Av. La Revolucion,<BR>
 Colonia San Benito, Edif.<BR>
 Centro, Corporativo<BR>
 Presidente Plaza, Nivel 12,<BR>
 Oficina 2, Distrito de San<BR>
 Salvador,
Municipio de San <BR>
Salvador Centro, Republica<BR>
 de El Salvador</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 20pt; padding-right: 5.4pt; padding-left: 5.4pt"><Font>Paolo Ardoino, citizen of Italy</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 20pt; padding-right: 5.4pt; padding-left: 5.4pt">Secretary</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 20pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 20pt; padding-right: 5.4pt; padding-left: 5.4pt"><Font>Final Av. La Revolucion,<BR>
 Colonia San Benito, Edif.<BR>
 Centro, Corporativo<BR>
 Presidente Plaza, Nivel 12,<BR>
 Oficina 2, Distrito de San<BR>
 Salvador,
Municipio de San <BR>
Salvador Centro, Republica<BR>
 de El Salvador</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 20pt; padding-right: 5.4pt; padding-left: 5.4pt">Josue Lopez, citizen of El Salvador</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 20pt; padding-right: 5.4pt; padding-left: 5.4pt">Alternate Secretary</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 20pt; padding-right: 5.4pt; padding-left: 5.4pt">0</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 20pt; padding-right: 5.4pt; padding-left: 5.4pt"><Font>Final Av. La Revolucion,<BR> Colonia San Benito, Edif.<BR> Centro, Corporativo<BR> Presidente Plaza, Nivel 12,<BR> Oficina 2, Distrito de San<BR> Salvador, Municipio de San <BR> Salvador Centro, Republica<BR> de El Salvador</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Executive Officers and Directors of Tether Investments, S.A. de C.V.</U></B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 20%; border: black 1pt solid; padding: 20pt 5.4pt 4pt"><FONT STYLE="font-size: 10pt"><B><U>Name and Citizenship</U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 20%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 20pt 5.4pt 4pt"><FONT STYLE="font-size: 10pt"><B><U>Position and Principal Occupation</U></B></FONT></TD>
    <TD STYLE="width: 35%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 20pt 5.4pt 4pt"><FONT STYLE="font-size: 10pt"><B><U>Beneficial Ownership</U></B></FONT></TD>
    <TD STYLE="width: 25%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 20pt 5.4pt 4pt"><FONT STYLE="font-size: 10pt"><B><U>Business Address</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 20pt; padding-right: 5.4pt; padding-left: 5.4pt"><Font>Giancarlo Devasini, citizen of Italy</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 20pt; padding-right: 5.4pt; padding-left: 5.4pt"><Font>Sole Administrator</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 20pt; padding-right: 5.4pt; padding-left: 5.4pt">20,398,699
    <SUP>(1)</SUP></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 20pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT>Final Av. La Revolucion,<BR> Colonia San Benito, Edif.<BR> Centro, Corporativo<BR> Presidente Plaza, Nivel 12,<BR> Oficina 2, Distrito de San<BR> Salvador, Municipio de San <BR> Salvador Centro, Republica<BR> de El Salvador</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 20pt; padding-right: 5.4pt; padding-left: 5.4pt">Paolo Ardoino, citizen of Italy</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 20pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Alternate Administrator</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 20pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 20pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT>Final Av. La Revolucion,<BR> Colonia San Benito, Edif.<BR> Centro, Corporativo<BR> Presidente Plaza, Nivel 12,<BR> Oficina 2, Distrito de San<BR> Salvador, Municipio de San <BR> Salvador Centro, Republica<BR> de El Salvador</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 25px"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Includes 20,398,699 common shares, par value $1.50 per share (&ldquo;Common Shares&rdquo;) of Adecoagro S.A. held by Tether Investments, S.A. de C.V., a wholly owned subsidiary of Tether Holdings, S.A. de C.V..</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In October 2021, the U.S. Commodity Futures Trading
Commission (CFTC) instituted and settled regulatory proceedings against Tether Holdings Limited, Tether Limited, Tether Operations Limited,
and Tether International Limited (collectively, &ldquo;Tether&rdquo;) by way of an order accepting Tether&rsquo;s payment of a civil monetary
penalty of $41 million without admitting or denying any of the CFTC&rsquo;s findings or conclusions. The order settled CFTC allegations
that, from June 2016 to February 2019, Tether made untrue or misleading statements and omissions of material fact or omitted to state
material facts necessary to make statements made not true or misleading in connection with, among other things, whether USDT was fully
backed by U.S. Dollars held in bank accounts in Tether&rsquo;s name.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In February 2021, the Office of the Attorney General
of the State of New York (NYAG) entered into an agreement with Tether and several Bitfinex (a group of companies with which Tether is
affiliated) companies to settle a 2019 proceeding brought by NYAG seeking an injunction related to, among other things, the transfer of
certain funds by and among Bitfinex and Tether. Without admitting or denying NYAG&rsquo;s findings, Bitfinex and Tether agreed to settle
the NYAG proceeding by paying $18.5 million in penalties to the State of New York. The agreement further required Bitfinex and Tether
to discontinue any trading activity with New York persons or entities and to submit to mandatory reporting on certain business functions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.B
<SEQUENCE>3
<FILENAME>tm253713d1_sch-b.htm
<DESCRIPTION>SCHEDULE B
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Schedule B</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table lists all transactions completed
by the Reporting Persons in the Common Shares since December 20, 2024, which were all completed through open market purchases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Tether Investments, S.A. de C.V.:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Date</B></FONT></TD>
    <TD STYLE="width: 32%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Shares
    Bought</B></FONT></TD>
    <TD STYLE="width: 32%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Price</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>January 3, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>31,297</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>9.5599</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>January 6, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>52,734</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>9.6366</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>January 7, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>43,852</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>9.7319</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>January 8, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>16,106</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>9.6336</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>January 10, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>52,605</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>9.8402</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>January 13, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><B>18,500</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><B>9.8627&nbsp;</B></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>January 14, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><B>35,911</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><B>9.9156</B></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>January 15, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><B>10,450</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><B>10.0098</B></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>January 16, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><B>38,995</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><B>9.8288</B></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>January 17, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><B>50,000</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><B>9.71</B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>tm253713d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Joint Filing Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with Rule 13d-1(k) promulgated under
the Securities Exchange Act of 1934, as amended, each of the persons named below agrees to the joint filing of this Amendment to Schedule
13D, including further amendments thereto, with respect to the common shares, par value $1.50 per share, of Adecoagro S.A. and further
agrees that this Joint Filing Agreement be filed with the Securities and Exchange Commission as an exhibit to such filing; provided, however,
that no person shall be responsible for the completeness or accuracy of the information concerning the other persons making the filing
unless such person knows or has reason to believe such information is inaccurate (as provided in Rule 13d-1(k)(1)(ii)). This Joint Filing
Agreement may be executed in one or more counterparts, all of which together shall constitute one and the same instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">IN WITNESS WHEREOF, the persons named below have
executed this Joint Filing Agreement as of the date set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">February 18, 2025</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>Tether Holdings, S.A. de C.V.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 45%; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Giancarlo Devasini</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp; </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Giancarlo Devasini</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title: </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">President</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>Tether Investments, S.A. de C.V.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 45%; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Giancarlo Devasini</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name: </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"> Giancarlo Devasini</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title: </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Sole Administrator</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">/s/ Giancarlo Devasini</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Giancarlo Devasini, individually </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>5
<FILENAME>tm253713d1_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<IMG SRC="image_001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">February 14, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Adecoagro S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attn: Plinio Musetti, Chairman</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attn: Mariano Bosch, Chief Executive Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>By Email</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Members of the Board:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Tether Investments, S.A. de C.V., a member of the
Tether Group, which includes Tether International, S.A. de C.V. the issuer of USDT, the largest stablecoin with more than 400 million
users (&ldquo;<U>Tether</U>&rdquo;) is pleased to submit the following proposal (the &ldquo;<U>Acquisition Proposal</U>&rdquo;) for Tether
to acquire, by way of a takeover bid, tender offer or other mutually acceptable structure, such number of common shares, par value $1.50
per share (&ldquo;<U>Common Shares</U>&rdquo;), of Adecoagro S.A. (the &ldquo;<U>Company</U>&rdquo;), for cash consideration of $12.41
per Common Share (the &ldquo;<U>Purchase Price</U>&rdquo;), that would result in Tether collectively holding 51% of the outstanding Common
Shares of the Company (the &ldquo;<U>Acquisition</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Purchase Price represents a premium of: (i)
26.6% over the closing price of Common Shares on February 13, 2025; (ii) 22.8% over the average closing price of Common Shares since November
13, 2024; and (iii) 19% over the average closing price of Common Shares since February 13, 2024. This also represents the highest price
that Common Shares have traded since April 20, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Tether notes that: (i) the Company&rsquo;s profitability
has significantly declined, with 3Q24 adjusted EBITDA down 29% YoY and materially negative free cash flow of $23 million after dividend
payments; (ii) the Company&rsquo;s net debt has risen to $1 billion, with leverage increasing to 2.3x due to weaker earnings; and (iii)
the Sugar, Ethanol &amp; Energy and Farming segments have continued to decline driven by lower production volumes and rising costs. In
light of the premiums described above and the aforementioned factors, Tether believes that the Acquisition Proposal is very attractive
to the Company&rsquo;s shareholders and will allow them to recognize an immediate and significant cash return on their Common Shares that
are tendered and accepted for purchase pursuant to the Acquisition Proposal. If the Common Shares tendered will be greater than the maximum
number which Tether is proposing to purchase pursuant to the Acquisition Proposal, customary proration provisions would be applied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->-</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">With respect to the Common Shares that will continue
to be held by the public, Tcthcr also believes that the Acquisition Proposal will enhance their potential for long-term appreciation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Tether firmly believes in establishing a partnership
with the Company, which will unlock significant value through targeted strategic investment, technological innovation, and enhanced operational
efficiency. The Company&rsquo;s geographical footprint aligns well with Tether&rsquo;s expanding presence in the region. South America
is one of USDT&rsquo;s fastest growing markets, driven largely by demand from across Argentina and Brazil owing to economic instability,
volatile national currencies and perennial battles with inflation. Moreover, Tether&rsquo;s commitment to clean energy, and blockchain
technology aligns well with the Company&rsquo;s efforts to maximise the sustainability of its Agribusiness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">With Tether&rsquo;s support and targeted investments,
the Company can easily overcome its current operational challenges, strengthening its market position, and driving long-term value creation,
benefiting not only shareholders but all stakeholders. Tether anticipates that upon consummation of the Acquisition, the Company's senior
management would be retained to help drive this new strategic plan for the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Tether understands that an expeditious and efficient
Acquisition will be in the best interests of the Company and its shareholders, and that a drawn-out or failed Acquisition may disrupt
the Company&rsquo;s business and its relationships with customers, suppliers, employees and others. Tether is prepared to work with the
Company, its Board of Directors, the Company&rsquo;s management team and Company counsel to negotiate, finalize and execute a definitive
acquisition agreement, and complete its confirmatory due diligence investigation, as swiftly as possible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Importantly, the Acquisition Proposal is not subject
to any financing condition. Tether will fund the entire purchase price from its existing cash resources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As part of its preliminary due diligence efforts,
Tether has reviewed the Company&rsquo;s reports and other documents filed with the U.S. Securities and Exchange Commission, and believes
the Acquisition Proposal can be made with confidence in deal certainty, limited execution risk, and speed to close. Tether and its advisors
will require the ability to conduct confirmatory due diligence in order for it to complete its evaluation of the Company and its business
and operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, based on information in the public
filings, we understand that the Company&rsquo;s significant landholdings in certain countries are subject to regulatory regimes that limit
or otherwise regulate the ownership of land (including rural land) in such countries by foreign persons and entities. Accordingly, our
obligation to consummate the Acquisition will be subject to local approvals and compliance with any such regulatory regimes, as well as
all other laws and regulations that may be applicable to the Acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Tether is prepared to enter into a confidentiality
agreement containing customary mutual confidentiality provisions, and is also requesting that the opportunity to negotiate the Acquisition
Proposal with the Company be on an exclusive basis for thirty (30) days. We are prepared to send to you immediately upon request proposed
forms of agreement providing for such confidentiality and exclusivity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">It is expressly understood that (i) this letter is
not intended to, and does not, create or constitute a decision or an agreement to enter the Acquisition or any other transaction, or to
enter into a set of definitive Acquisition agreements for such purpose, and (ii) neither Tether nor the Company will have any rights or
obligations of any kind whatsoever in respect of the Acquisition Proposal or the Acquisition by virtue of this letter or any other written
or oral expression by their respective representatives, other than as set out in the exclusivity and confidentiality agreements, unless
and until a set of definitive Acquisition agreements is executed and delivered in relation thereto. Nothing in this letter is intended
to limit the right of Tether to pursue unilaterally any course of action it deems appropriate to provide the Company&rsquo;s shareholders
with the opportunity to realize the value inherent in the Acquisition Proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Again, Tether strongly believes that the Acquisition
Proposal represents the best possible outcome for the Company&rsquo;s current shareholders, both in the short-term or the long-term. Tether
also believes that for the Company to effectively execute upon its strategic plan, it will require a partner with both capital to fund
additional investment into its business and operations and significant operating human capital/expertise. Tether&rsquo;s leadership team
is available to meet with the Company&rsquo;s Board of Directors and executive management team at your earliest convenience to discuss
the Acquisition Proposal and a plan for moving forward with this transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Please contact Giancarlo Devasini, Paolo Ardoino
or Richard Heathcote with any questions regarding the Acquisition Proposal and the proposed transaction. Tether looks forward to hearing
from the Company and is excited about the prospect of a transaction with the Company that will benefit the Company&rsquo;s shareholders
and enhance the long-term prospects of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tether Investments, S.A. de C.V.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By: /s/ Giancarlo Devasini</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name: Giancarlo Devasini</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Title: Sole Administrator</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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