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UPDATE 2-Australia's Graincorp in $490 mln edible oil deal Tue Aug 28, 2012 1:04am EDT * To fund deal through debt, scrip and rights offering * Enters into long-term supply deal with Goodman Fielder * Graincorp beats Wilmar, Cargill for Integro business WELLINGTON/SYDNEY, Aug 28 (Reuters) - Australian bulk grain handler GrainCorp said on Tuesday it plans to buy two food oil businesses for a combined A$472 million ($490 million) to create the country's largest edible oil processor. GrainCorp said it bought Goodman Fielder's Integro oil business for A$170 million and Gardner Smith Group for A$302 million. Integro's oil business had drawn the interest of larger rivals Cargill and Wilmar. The companies are looking to build up their edible oil businesses with prices near all-time highs, bolstered by growing Asian demand. Vegetable oil prices have nearly quadrupled in the past decade, analysts said, pushed up by rising consumption and use as biofuel. GrainCorp said in a statement it will fund the deal through debt, a rights offering worth A$159 million, and issue shares of up to A$121 million for Gardner Smith shareholders. It will combine the two businesses to form GrainCorp Oil Mills. "GrainCorp Oils will provide us with immediate scale in the edible oils sector in Australia and New Zealand," Chief Executive Alison Watkins said. The deal diversifies revenue and arms the company with products to compete in Asia. In May, Cargill made a new approach after Integro after long-drawn out A$240 million bid failed to win the approval of the Australian competition watchdog. Wilmar, which has built a 10 percent stake in Goodman Fielder, has stated it would cut the stake in the event of a sale of Integro, JPMorgan analyst Stuart Jackson said in a note. The deal provides Graincorp a long-term contract to supply margarine and bottled oil to Goodman Fielder, which has a number of large brands, including Meadow Lea and Paul Newman. GrainCorp Oil will have capacity to crush more than 300,000 tonnes of oilseeds a year, with 280,000 tonnes of annual edible fats and oils refining capacity, it said. GrainCorp shares were halted pending the rights issue. Shares in Goodman Fielder, which plans to cut debt and focus on product marketing as part of a turnaround strategy, was up 2.8 percent in afternoon trade. |
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| aus der Diskussion: | Graincorp - australischer Getreidekonzern |
| Autor (Datum des Eintrages): | mr.lukoil (28.08.12 12:03:10) |
| Beitrag: | 8 von 50 (ID:43541219) |
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