Sale of majority shareholding in Denofa AS>
Sale of majority shareholding in Denofa AS
(Thomson Reuters ONE) - Norgrain AS, a trading and investment company owned 72.5 percent byCermaq, has entered into an agreement to sell 11 percent of itsshareholding in Denofa AS to the Brazilian company Amaggi, a divisionof the André Maggi Group. Norgrain's ownership in the company will be49 percent after the sale. The other owner of Denofa, Agrenco(Brazil) sells its current 40 percent stake in the company to Amaggiin the joint deal. Amaggi is paying 17 MUSD for the 51% ownership inDenofa AS.This transaction will mean that Denofa no longer will be consolidatedwithin the group accounts of Cermaq ASA. The transaction is expectedto be completed towards the end of 3. quarter 2009. Cermaq haspreviously stated that Denofa is considered non-core and thatdivestment opportunities would be pursued.Denofa is a company which imports non-gmo soya beans, mainly fromBrazil, and processes this to soy oil, soy meal and lecithin. Denofaalso has operations in rape seed oil processing in Poland. Theoperating revenue of the Denofa group was NOK 1 825 million in 2008,with a pre-tax profit of NOK 36 million. The company has 90employees, of which 60 are based in Fredrikstad. The board of Denofaconsists of 7 members, of which 2 are employee representatives. GeirSjaastad is the Chair of the board, and the CEO of the company isÿystein Haslum. For more information, please visit Denofas web sitewww.denofa.noThe transaction will provide Denofa with a long-term partner, Amaggi,which is the major supplier of soya beans to the crushing plant inFredrikstad in south-east Norway. Amaggi and Norgrain have enteredinto a shareholders agreement to manage the cooperation on Denofa.This agreement also gives Norgrain an option to sell their remainingshares to Amaggi after 4 years at a predetermined price.The Denofa acquisition matches the strategic planning of André MaggiGroup to keep the growth of the non-GMO (Genetically ModifiedOrganisms) soybean business. With the transaction the group furtherexpands its business in the European market after having opened theAmaggi Europe office, in Rotterdam, Holland.The André Maggi Group held the 33rd position among the largestexporter companies in Brazil with annual sales volume reaching themark of US$ 2 billion in 2008. The group is composed of four businessdivisions; Amaggi, Divisão Agro, Hermasa and Maggi Energia. Amaggi isresponsible for the origination, storage, crushing, marketing andproduction of soybean seeds, as well as purchase and sale offertilizers and chemicals. Divisão Agro deals with the production ofsoybean, corn and cotton, and cultivated 206 thousand hectares ofthese commodities in the last harvest (2008/2009).Denofa AS will be consolidated in the group accounts as per 30 June2009 and until the transaction is completed. The impact of thetransaction on the Cermaq group accounts will be improved equityratio, reduced net interest bearing debt and also a net gain on thesale. As of 30.06.09 the net interest bearing debt in Denofa AS wasNOK 200 million.http://hugin.info/134455/R/1328306/313133.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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Datum: 13.07.2009 - 08:10 Uhr
Sprache: Deutsch
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