Wednesday, September 13, 2017

Bunge will buy 70% slice in IOI Corp unit for $ $946 mi

Bunge reported that will buy a 70 percent stake in IOI Loders Croklaan, Malaysian Palm oil producer IOI Corp Berhad, for $ $946 million, in the midst of a plan to invest in higher-margin businesses like food ingredients and natural flavours.
The massive reserves of grains and low prices after four years of abundant harvests around the world have reduced the profits of Bunge and other grain merchants.
The announcement occurs one month after the giant agricultural commodities recorded a 34% drop in quarterly results and reduced its Outlook for the year.
The company based in White Plains, said in July that it was restructuring its global operations in response to difficult market conditions.
Bunge''s plan to acquire a controlling stake in the unit IOI Loders Malaysia Enterprise occurs after a period of negotiations between the companies, reported the IOI Corp in a statement on Tuesday.
The products of IOI Loders include Palm and oil derivatives. Palm oil is also the most widely used edible oil in the world, found in everything from margarine to crackers and SOAP.
G1 – 12/09/2017
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