July 15, 2009
Brazilian soy company Grupo Andre Maggi acquires Norway's Denofa
Brazilian giant soy producer Grupo Andre Maggi has acquired Norwegian oilseed company Denofa SA to hike its presence in the European market, Grupo Andre Maggi's press officer confirmed.
Grupo Andre Maggi, controlled by Blairo Maggi, the governor of Mato Grosso state, purchased 51 percent of the shares in Denofa. The group wouldn't reveal the value of the acquisition, the press officer said Tuesday.
"[The acquisition] will help the group to develop new markets and products for European countries," Grupo Andre Maggi's president, Pedro Jacyr Bongiolo, said in a press release.
Denofa has soy-crushing capacity of 430,000 tonnes a year in Fredrikstadas in Norway as well as rapeseed oil processing facility in Poland.
The acquisition builds on Grupo Andre Maggi's trading office opened last year in Rotterdam.
Brazil is the world's No.2 producer of soy after the US.
