World Grain - November 2019 - 10

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News review

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Dangote shareholders approve sale to Olam
LAGOS, NIGERIA - A subsidiary of Olam International
will pay N120 billion ($331 million) for Dangote Flour Mills
Plc, according to Food Business Africa.
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quire the shares it didn't currently hold through its subsidiary
Crown Flour Mills Ltd.
The deal includes 4,994,886,771 ordinary shares of 50 kobo
each held by shareholders of Dangote Flour Mills Plc.
Anurag Shukia, managing director of Crown Flour, said

his company intends to maintain and expand Dangote's busi
ness as well as provide enhanced manufacturing capacity and
create synergies to deliver improved products to customers
across the country.
Dangote Flour Mills started operation in 1999 as a division
of Dangote Industries Ltd. It has mills across Nigeria, includ
ing in Apapa, Ikorodu, Ilorin, Kano and Calabar.
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nies, including Dangote Pasta Ltd.

Cargill to close feed facility in North Carolina
WILSON, NORTH CAROLINA, U.S. - Cargill is closing its
Wilson, North Carolina, U.S., feed manufacturing facility in a
move to streamline operations, Wake Weekly reported.
A Cargill spokeswoman said the company decided to close
the facility to streamline operations and "better serve customers

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7KHFORVXUHLVH൵HFWLYH1RY&DUJLOOVDLGLWZLOOVHUYLFH
customers out of other Cargill feed mills.
The facility was built in 1968 and purchased by Cargill in
1989 from Central Soya, Wake Weekly said.

LDC sustains drop in first-half profits
ROTTERDAM, NETHERLANDS - Louis Dreyfus
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SUR¿WVDVLWDQGRWKHUJUDLQWUDGHUVGHDOZLWKJOREDOWUDGHWHQ
sions and the spread of African swine fever in China and other
parts of the world.
The company posted net income from continuing opera
tions of $73 million in the six months to June, a drop from
$91 million in the same period of 2018.
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ratic weather conditions, the spread of African swine fever in
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analyze and act upon market fundamentals, underlining our
achievement for the period. Our strategy of maintaining a di
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again key to our performance, underpinned by solid risk man
agement expertise.
"At the same time, we maintained our focus on implement
ing the transformative business strategy that is key for our view
of the future, continuing to strengthen our edge in trading, pur
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products, and investing in food and technological innovation.
We see these adverse market conditions persisting during the
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DVZHFRQWLQXHWRLPSOHPHQWRXUEXVLQHVVSODQ´
Volumes fell 6.5% in part because China bought fewer soy
beans because of African swine fever, which has ravaged the
country's pig population.
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ULFXOWXUDOSULFHVFDXVHGE\WKH86&KLQDWUDGHZDUDVZHOO
as chronic overcapacity, which has crimped margins across
the industry.
LDC's adjusted net debt was $3.2 billion or three times
the company's earnings before, interest, tax depreciation and
amortization of the past 12 months. Its equity value fell to
$4.63 billion, down from $4.98 billion, and its return on eq
uity was 6.5%. However, the company generated $709 million
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DJDLQVWDQRXWÀRZRIPLOOLRQD\HDUDJRDVLWVTXHH]HG
debtors and waited longer to pay bills.
In 2018, LDC reorganized its platforms between two
segments. The Value Chain segment now includes Grains,
Oilseeds and Juice along with Freight and Global Markets.
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&RWWRQ5LFHDQG'DLU\SODWIRUPVZLWKPRUHFRQVXPHUFHQWULF
business models.
The company's merchandising segment recorded operating
UHVXOWVRIPLOOLRQXSIURPPLOOLRQIRUWKH¿UVW
six months of 2018.

10

November 2019 / World Grain / www.World-Grain.com


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World Grain - November 2019

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https://www.nxtbook.com/sosland/wg/2015_12_01
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