June 4, 2007

Mitsubishi Corporation to acquire American grain dealer 

Japan's Mitsubishi Corporation will get hold of a 45 percent stake in US grain dealer FGFI LLC from Nasdaq-listed commodity risk management and trading firm FCSTONE Group Inc to increase the company's efforts on grain exports from US to Asia.

The acquisition-estimated to value at 14 billion yen (US$115.13 million)-is to be made through AGREX INC., a wholly owned Mitsubishi subsidiary in the US. The purchase includes FGDI liabilities that Agrex is taking over, to push Mitsubishi group's interest in FGDI by 75 per cent.