(Corrects to two days from one day in paragraph 2)
PARIS, April 17 (Reuters) - French cooperative group InVivo said it would strengthen ties with agricultural trading house Archer Daniels Midland through their British joint venture - grain trader Gleadell.
The announcement came two days after ADM, the “A” of a group of companies known as the “ABCD” that dominate global agricultural commodities trading, said it would buy InVivo’s 20 percent stake in German grain trader Alfred C. Toepfer International for 83 million euros ($115 million).
“This transfer is accompanied by a strengthening of the strategic and operational partnership between the two companies, which each hold 50 percent of Gleadell, a major operator on the British grain market,” InVivo said in a statement on Thursday.
InVivo, a grouping of more than 200 farmer-owned cooperatives, declined to provide further details on exactly how the two companies would strengthen their ties in Gleadell.
InVivo’s chief executive said last year the two companies were considering developing operational ties in grain trading to increase their clout in volatile and highly competitive international markets.
Gleadell is the third-largest grain buyer in Britain, trading over 2 million tonnes of grain per year, and a major supplier of seeds and fertiliser. It has been jointly owned by Toepfer and InVivo since 2001, according to its website. (Reporting by Sybille de La Hamaide; with reporting by Valerie Parent; editing by Jane Baird)