May 24, 2022

Cargill to purchase US$290 million stake in Chile salmon farmer Multiexport Foods

Major US-based commodities trader Cargill Inc has agreed to purchase a 24.5% stake in the salmon farming subsidiary of Chile's Multiexport Foods for about US$290 million, Reuters reported.

As part of the agreement, an additional 1.13% stake in Salmones Multiexport will also be sold to a local unit of Japan's Mitsui & Co, whose stake in the Chilean company will increase to 24.5%.

After Norway, Chile is the second biggest salmon producer in the world. Cargill is a top salmon feed supplier.

Multiexport Foods is expected to receive US$303.3 million from the sale.

The conditions of the agreement must be fulfilled in up to six months and requires approval from US, Brazil, and Chile antitrust watchdogs.

-      Reuters