Bunge buys Ulvex and Soreanca oils

Agricover, producer of vegetable oils Ulvex and Soreanca, will sell its Buzau-based oil division to Bunge, the leader on the market of vegetable oils. “Currently, the two companies are at the stage of notifying the authorities of their actions. After completion of the transaction, Bunge Romania will take over the oil company in Buzau, the Ulvex, Soreanca, Rumen, Universal and Mythos oil brands, and the sales and distribution network,” stated Ovidiu Chiscan, general manager of Agricover. The Agricover representative did not wish to provide any information on the value of the transaction, but sources from the market estimate it could stand at around 8-10 million euros. According to Agricover representatives, Ulvex holds 8.7% of the market share, while Soreanca holds over 1.6% of the market on vegetable oils. This acquisition would enable Bunge to consolidate its position on the market, of which it held an approximately 36% share last year, according to information supplied by the company representatives.