ADM to Acquire Shares in Wilmar International Ltd.
WIL plans to acquire the worldwide oilseed-related assets of Wilmar Holdings Pte. Ltd. and merge with the Kuok Group, which will result in it becoming the largest agribusiness group in Asia.
15/12/06 Archer Daniels Midland Company will contribute its direct holdings in its Wilmar-related agriculture processing joint ventures in China to Wilmar International Ltd. (WIL) in exchange for shares in WIL. WIL is a publicly-traded company on the Singapore Exchange Limited (SGX).
WIL plans to acquire the worldwide oilseed-related assets of Wilmar Holdings Pte. Ltd. and merge with the Kuok Group, which will result in it becoming the largest agribusiness group in Asia. Upon combination of these assets, WIL will have assets in soy crushing, edible oil refining and packaging, palm plantations, palm refineries, biodiesel production, specialty fats and oleochemical fatty acids throughout Asia.
"ADM is pleased to become a significant shareholder in the largest agriculture processing business in Asia. This investment will complement our existing global agribusiness activities," said Patricia Woertz, ADM CEO and President.
Upon completion of the transaction, ADM, through its direct and indirect holdings, will become the second largest shareholder in WIL.
