Kernel offers to buy out Allseeds minorities
20 January 2010
Kernel Group (KER PW) yesterday said it offered holders of the minority 37.6% to buy out their shares for USD 28 mln in cash. Kernel said the minority offer valued Allseeds at USD 222 mln. Kernel said the minority offer is valid until January 31, with the transaction to be concluded in February. Kernel said last week that it signed a call option agreement to acquire a controlling stake in Allseeds for USD 42 mln in cash. Allseeds is Ukraine’s third largest producer of crude sunflower oil. Allseeds Group owns two refineries in Ukraine, with a total output of 565 ths mt per year. It also controls a transshipment and export terminal with a capacity of over 1 mln mt in Mykolaiv and 16 storage facilities with a capacity of 600 ths mt.
