ADM increases holdings in A.C. Toepjer International
November 01, 1999
by Teresa Acklin
The U.S.-based Archer Daniels Midland Co. has increased its holdings in A.C. Toepfer International Group by acquiring a 50% interest in INTRADE, a holding company that equally owns Toepfer with ADM.
Toepfer, based in Hamburg, is one of the world's largest grain and feed trading companies. In the past year, Toepfer traded approximately 40 million tonnes of grain, ADM said.
For the 50% interest in INTRADE, ADM said it will exchange an undisclosed number of common stock shares. The companies also agreed to increase the capital stock of Toepfer International to strengthen its financial position in the world's market, ADM said.
INTRADE and ADM will continue to be equally represented on the Toepfer advisory board.