US group Cargill, one of the world's largest processors and distributors of agricultural products, will soon launch a $22m public offering to take over Comcereal SA, Romania's largest grain storage company.
The offer will come after one year of negotiations, which Ziarul Financiar reported on several months ago.
US investment fund Broadhurst controls some 70% in Comcereal, a company listed on the Rasdaq market.
The takeover offer for 100% in Comcereal will be launched on Rasdaq for 55,000 ROL per share, according to a preliminary announcement included in the offer, which was dispatched to Rasdaq last Friday.
"It is normal for Cargill, the world leader in this field, to make further acquisitions, such as Comcereal SA, the biggest grain storage company in Romania," Cristian Siminel Andrei, country manager for Romania at NCH Holdings, the company that manages Broadhurst, told Ziarul Financiar.
Comcereal SA controls almost 10% of the grain storing facilities in Romania. The company resulted from the merger of four companies - Comcereal Alexandria, Galati, Giurgiu and Slobozia. Broadhurst has become the main stockholder in the four companies in the last years, after buying shares listed on Rasdaq. Broadhurst invested $9-10 million in the four companies.
Cargill, which posted revenues worth $50.8 billion in the previous fiscal year, has been operating in Romania since 1996 through its branch Agricultura SRL.
The US group, one of the main players on the world's agricultural markets, already controls a mixed fodder plant and several warehouses based in Calarasi.
Comcereal SA is one of Romania's top companies in the field, also because the grain storing market is very fragmented. Besides Broadhurst, other important players on the market are the financial investment companies (SIF Banat-Crisana, SIF Muntenia, SIF Oltenia), the European Drinks group (controlled by the Micula brothers), Rompac International and the Interagro group (held by businessman Ioan Nicolae).
laurentiu.ispir@zf.ro
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