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Cargill to Acquire Majority Stake in Indonesian Firm

5:34 AM MST | December 15, 2010 | Deepti Ramesh

Cargill says it has entered into an agreement to purchase all of the ordinary shares of PT Sorini Agro Asia (Sorini; Surabaya, Indonesia), a producer of starch and starch derivatives, from its majority shareholder PT AKR (Jakarta) at a price of IDR 3,500/share ($0.39/share). Separately, Cargill will also acquire a block of ordinary shares of Sorini from UOB Kay Hian (Singapore) at the same price. Following the purchase of shares, Cargill will own 85.01% of Sorini for a combined purchase price of about $300 million, and Sorini will become a subsidiary of Cargill...

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