ADM, Wilmar get green light on joint venture
(Reuters) - U.S. agribusiness Archer Daniels Midland Co (ADM.N) and Wilmar International Ltd (WLIL.SI), the world's largest listed palm oil producer, said on Thursday they completed regulatory approvals for a partnership in the global fertilizer and European vegetable oil sectors.
To be based in Rolle, Switzerland, the partnership along with another in global ocean freight will collaborate on purchasing and distributing fertilizer globally, and in selling and marketing vegetable oils and fats in Europe.
"These new partnerships will help strengthen our global marketing reach, while delivering a best-in-class service to our customers," ADM Chief Executive Patricia Woertz said in a statement. "We are confident that synergies with Wilmar will create a distinctive value."
The two companies have been working together since the mid-1990s, when they jointly built a network of soybean processing operations in China, the world's largest importer of soybeans. ADM owns a 16 percent stake in Wilmar.
The statement did not provide further details.
(Reporting by Bangalore newsroom and K.T. Arasu in Chicago; Editing by Jeffrey Benkoe)