U.S. agricultural products trader Bunge moved to increase its presence in Turkey with the acquisition of olive oil and seed oil producer Ana Gida Ihtiyac Maddeleri ve Sanayi Ticaret.
Ana Gida is the owner of Komili, the market leading olive oil brand in Turkey with retail market share of more than 30 percent, Bunge said in a statement on Thursday.
Bunge said it will buy a 55.25 percent stake of Ana Gida from Anadolu Endustri Holding and the remaining 44.75 percent from SEEF Foods.
Anadolu Endustri Holding is part of holding company Yazicilar Holding which said in a separate statement that the value of Ana Gida was 172.5 million lira ($49 million) and that the final sale price would be determined after year-end cash, debt and working capital corrections.
Bunge has been operating in Turkey since 2000, according to its website, processing and distributing domestically produced and imported oilseeds such as sunflower, canola and soybean at several facilities.
“The acquisition will provide a strong vegetable oil portfolio across all price segments. This combined with the existing distribution network of Ana Gida will help Bunge to increase its reach and access to customers throughout Turkey,” the U.S. company said.
Yazicilar Holding expects the transaction to be completed in the first quarter of 2017.
By Sybille de La Hamaide
Source: Reuters
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