July 14, 2009
Norway's Norgrain sells soy firm to Brazilian producer
Norgrain, a trading company owned by Norwegian aquaculture group Cermaq, said on Monday it has agreed to sell 11 percent of soy firm Denofa to Brazilian sector player Amaggi.
After the operation Norgrain's stake in Denofa will fall to 49 percent. Denofa's other shareholder, agricultural company Agrenco, will offer 40 percent of its holding to Amaggi as part of the joint deal. Amaggi, owned by Andre Maggi Group, will pay US$17 million for the 51 percnet stake in Denofa.
As part of the deal, it is expected to close by the end of the third quarter.
The acquisition of Denofa fits in Andre Maggi Group's strategy to keep growing in the non-genetically-modified soy sector and expand its presence on the European market.
Denofa imports and processes soy, mainly from Brazil and the company is also active in rape seed oil processing in Poland.
