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San Miguel buys Agricola Hoja RedondaThe Argentinian company, San Miguel, has paid $64 million for Peru's largest mandarin exporter, Agricola Hoja Redonda. With this acquisition, San Miguel will expand its business by 28 000 tonnes of citrus, avocados and grapes. It will also get better access to the American West Coast and Asian markets.
San Miguel now has a foothold in four of the six largest citrus producing countries in the southern hemisphere. Besides Argentina and Peru, the company trades out of Uruguay and South Africa. Last year it took over two citrus farms in South Africa. The total area now owned by San Miguel in that country is over 1,000 hectare.
According to CEO, Romain Corneille, this acquisition confirms San Miguel's strong position as "the counter seasonal citrus supplier of the southern hemisphere with the volume, quality and varieties that match the demand of the most developed markets".
The take over was financed by an additional share issue in February. The company earned $67,2 million on the stock exchange at that time. The deal will be finalised between 10 and 20 August.
Publication date: 7/18/2017
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