Cargill confirms Olpo Podari takeover

US giant Cargill, one of the leading companies in the cereal trade business worldwide, whose turnover stands at $60bn, on Thursday confirmed it had reached an in principle agreement with Topway Industries Craiova to buy its edible oil business by acquiring the majority stake in vegetal oil producer Olpo Podari. Oil industry sources say the total value of the transaction amounts to $30 million for Topway Industries Craiova’s two edible oil factories from Podari and Craiova plus the rights to use the Bunica brand. The same sources say Topway Industries will get $2-$3 million for the controlling interests, with the rest of the transaction accounting for the settlement of Topway Industries’ financial commitments to banks. The two parties announced the deal would become final in the next couple of weeks. The acquisition of the two factories is Cargill’s biggest step on the European vegetal oil market. It has two more vegetal oil production facilities in Ukraine, which are not as large, though. ZF