6/19/2009

Alliance Grain to buy Turkish pulse exporter at USD 93 million

Reuters - Alliance Grain Traders Income Fund, a Canadian exporter of pulse crops, has agreed to acquire Arbel Group, a Turkish pulse exporter and processor, in a cash and share deal worth USD 93 million. Alliance said the acquisition is aimed at creating a global leader in exports of pulse crops such as lentils and peas. Alliance said acquiring Arbel will give the company access to new markets such as North Africa, Europe and the Middle East – regions with high consumption of pulse crops. The combined company would account for 40 percent of the global lentil trade, said Alliance. Commenting on the acquisition, Alliance Chief Executive Murad Al-Katib said, “We have an excellent opportunity with Arbel ahead." Alliance's predecessor company, Saskcan, was founded in 2001. Its head office will remain in Canada, Al-Katib added.

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