February 9, 2009
ADM aims to take control of Brazil cooperative Cooagri
US trading giant Archer Daniels Midland Co. (ADM) is close to taking control of a Brazilian agricultural cooperative Cooagri, reported local financial newspaper Valor Economico Friday (February 6).
ADM is expected initially to lease Cooagri's 18 units in Mato Grosso do Sul state, the newspaper reported. The deal is expected to be signed on Feb. 13, said Valor.
ADM sees the potential to hike Cooagri's corn and soy storage capacity by 50 percent from its current one million tonnes, a person close to the deal told Dow Jones Newswires.
Brazil is the world's No.2 soy producer after the US.
