WHITE PLAINS, N.Y. — Bunge Ltd. has entered into a definitive agreement to acquire Ana G?da ?htiyaç Maddeleri ve Sanayi Ticaret A.?. (Ana G?da), a Turkish olive oil and seed oil producer. Financial terms of the transaction were not disclosed.
Under terms of the agreement, Koninklijke Bunge B.V. (Bunge) will acquire 55.25% of the shares from Anadolu Endüstri Holding A.?. (AEH) and the remaining 44.75% from SEEF Foods S.A.R.L.
Established in 2001, Ana G?da owns Komili, a leading olive oil brand in Turkey with more than 30% retail share.
|Paul Ayton, managing director of Bunge Turkey|
“The acquisition of Ana G?da will enable Bunge to diversify into the higher value olive oil category with a market leadership position,” said Paul Ayton, managing director of Bunge Turkey. “We look forward to combining the knowledge and expertise of both companies across the full value chain to deliver superior products and customer service.”
Bunge said the acquisition will provide a strong vegetable oil portfolio across all price segments. The company also expects to be able to use Ana G?da’s existing distribution network to increase its reach and access to customers throughout Turkey.
|Tommy Jensen, c.e.o. of Bunge EMEA|
“This acquisition is fully aligned with our strategy to strengthen our portfolio with increasing focus on added value products,” said Tommy Jensen, chief executive officer of Bunge EMEA. “It will further reinforce Bunge’s existing business in one of the largest and fastest growing edible oil markets in EMEA.”Bunge has been operating in Turkey since 2000. The company processes and distributes domestically produced and imported oilseeds such as sunflower, canola and soybean at several facilities.