15 December 2011 14:52 [Source: ICIS news]
LONDON (ICIS)--Archer Daniels Midland (ADM) has completed the purchase of the remaining shares in Polish biodiesel producer Elstar Oils, with the Polish Office of Competition and Consumer Protection having given its assent to the overall acquisition, the US agriprocessor said on Thursday.
Anti-trust authorities in Austria, Germany, Slovakia and Ukraine have also approved the sale, it added.
Illinois-based ADM, which beat off a rival offer from fellow American agribusiness firm Bunge to seal the deal for its initial controlling stake in Elstar, moved to 100% ownership of the biodiesel firm after acquiring the 2.26% of shares it did not yet hold from small shareholders.
"Achieving operational control of Elstar Oils is an important step in ADM's strategy to acquire and consolidate existing oilseed processing, food manufacturing and biodiesel capabilities in this growing origination and consumer market," said Brent Fenton, president of ADM Europe.
"Elstar's facilities are ideally located to complement and expand our ownership in the eastern Europe region," he added.
Elstar, located in northern Poland, operates a rapeseed crushing, refining, solid-fat packaging and oil bottling facility in Czernin and a fully-automated biodiesel facility in Malbork.
It has the capacity to crush 400,000 tonnes/year of rapeseed.
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