Kernel closes Russian Oils acquisition

Kernel (WSE: KER PW, N/R) closed its acquisition of a 100% interest in Russian Oils on Monday, September 19, the company reported yesterday. Kernel announced its entered into an option to purchase Russian Oils for USD 60 mln, with a cash consideration of USD 15 mln, after the transaction was approved by the Antimonopoly Committee of Russia on August 15. Acquired assets include three oil crushing plants in Krasnodar and Stavropol regions, with total sunflower seed crushing capacity of 400,000 mt per year. Russian Oils owns four sunflower oil brands on the Russian market.