Fonterra beaten in race to buy Argentinian dairy co-op SanCor

Media in Buenos Aires say that SanCor has been bought by another Argentinian agricultural firm, Adecoagro.

A report in Argentina’s La Nacion said Fonterra had been outbid by Adecoagro. Fonterra initially offered US$330 million ($450m), but Adecoagro offered US$400m, the report said.

However, the Herald understands that while Fonterra had been in talks with SanCor, it had not reached the stage of putting forward a formal offer.

A spokesman for Fonterra declined to comment, but chairman John Wilson last year confirmed that the co-op had been in talks with SanCor.

La Nacion said Fonterra had been viewed as the preferred candidate to take over SanCor.

SanCor is one of the leading dairy producers in Argentina, accounting for one fifth of the total production in the country and 90 per cent of the country’s dairy exports.

The co-operative was estimated to be worth between US$200m and US$400m, La Nacion said.

Adecoagro is involved in a range of businesses, including farming crops and other agricultural products, dairy operations, sugar, ethanol and energy production and land transformation.

Fonterra already has extensive interests in Latin America.

By: Jamie Gray

Source: NZ Herald

Link: http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12029942

Tags: ,
Any claim arising from the information contained on the eDairy News website shall be submitted to the competence of the ordinary courts of the First Judicial District of the Province of Cordoba (Primera Circunscripción Judicial de la Provincia de Cordoba), Republic of Argentina, in the city of Córdoba, excluding any other jurisdiction (Federal jurisdiction is also excluded).

*

Criteria in the moderation of comments that eDairy News will take into consideration in all its publications.

  • They will not be considered insults of any kind against anyone,, whether a user, moderator or publisher. Complaints made with the name and surname of the author of the commentary will only be accepted after confirmation by the moderator.
  • Unsubstantiated and gratuitous destructive criticism or expressions of bad taste, whether offensive, racist or xenophobic.
  • SPAM, (Insert links to web pages not related to the subject, provide emails, etc...)
  • Comments that are meaningless with the footnote or the dairy sector.

Related posts


Top