Posco International Subsidiary Becomes Largest Shareholder of Indonesian Palm Oil Producer Sampoerna Agro
MT Newswires Live
Nov 20
Posco International's (KRX:047050) wholly-owned subsidiary, Singapore-based Agpa, became the largest shareholder of Indonesian palm oil producer Sampoerna Agro (IDX:SGRO) with a total stake of 65.72% following an all-cash deal worth 830 billion won with Twinwood Family.
Sampoerna Agro operates palm seed and plantation businesses.
The acquisition was carried out to expand synergies in Indonesia's palm oil business, the South Korean trading company said in a Thursday filing with the Korean Exchange.
The change of control triggered a mandatory takeover offer, which could cost about $295.5 million for the remaining 34.28% stake.
Shares of Posco International rose more than 2% in recent trade.
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