Argentine venture earns Irish firm $83m
- Irish Times
- 07 January 2012
An Irish-owned agricultural company that owns and operates three farms in Argentina has been sold to Saudi Arabia’s largest food company for $83 million.
An Irish-owned agricultural company that owns and operates three farms in Argentina has been sold to Saudi Arabia’s largest food company for $83 million.
Le plus grand laitier du Moyen-Orient, Almaraï Company vient d'acquérir 12.306 hectares de maïs et de soja en Argentine, qui lui serviront à nourrir ses vaches laitières et ses volailles.
Saudi Arabia's largest dairy company said Wednesday it is buying Argentine farm operator Fondomonte S.A. for $83 million to secure access to a supply of animal feed.
Saudi-based Almarai Co says it plans to take a 50 percent share of the dairy market in Egypt, the Arab world's most populous nation, by 2013, a report said.
Today's emerging new farm owners are private equity fund managers, specialised farmland fund operators, hedge funds, pension funds, big banks and the like.
Almarai Company, Saudi Arabia's biggest listed dairy firm, is studying more acquisition opportunities in Egypt after spending $115 million last month to buy an Egyptian company and its farmland
In addition to being a key player in the Saudi poultry business, Hadco produces olives, wheat, dates and grass fodder. Almarai has its own cattle farms.
Saudi-based Almarai has agreed to buy Egyptian firm Beyti for $115 million, allowing a new joint venture with Pepsico to set foot in the Arab world's most populous nation. The price tag includes a 75-hectare piece of land.
"Saudi Arabia is increasingly looking for agriculture investment opportunities abroad, mostly in Africa," reports the US mission in Riyadh in May 2009
A consortium of Saudi agricultural companies is looking to invest 150 million riyals ($40 million) into food production in Africa, the Agriculture Ministry said on Sunday.
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