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FILE PHOTO: The Archer Daniels Midland Co. (ADM) logo is displayed on a screen on the ground floor of the New York Stock Exchange (NYSE) in New York, United States, May 3, 2018. REUTERS / Brendan McDermid
PARIS (Reuters) – American agribusiness group Archer Daniels Midland Co (ADM.N) announced Thursday that it has agreed to take full control of the British grain company Gleadell Agriculture Ltd by buying 50% stake in its current partner InVivo.
The transaction, which includes Gleadell's wholly owned subsidiary, Dunns (Long Sutton) Ltd, is expected to be finalized in the first quarter, ADM said in a statement without disclosing the financial conditions.
The US group plans to merge Gleadell and Dunns with its British units ADM Arkady and ADM Direct UK to create ADM Agriculture Ltd, he added.
"The transaction will increase ADM's marketing, storage and destination capabilities in the UK, which will enable it to become the business partner of choice for even more farmers and customers," the statement said.
In an interview with Reuters on Wednesday, the CEO of ADM said he had considered buying rivals, including Bunge Ltd. (BG.N), but decided that the timing was wrong for "monster" acquisitions.
Reportage of Gus Trompiz and Valerie Parent; Edited by Sudip Kar-Gupta
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