Cargill Acquires Stake in Glucovil Argentina

Posted on Oct 30, 2020

Cargill South American Holdings has acquired Ledesma’s total interest in Glucovil Argentina, which represents 30% of shares and votes of the company, in a transaction valued at $34.3 million.

As a result of the transaction, the Cargill Group will become the only shareholder of Glucovil Argentina, which is a corn milling company with operations in Argentina’s central San Luis province.

Cargill and Ledesma founded Glucovil in 2008 as a joint venture, and in which Cargill had a 70% stake, with this acquisition now making it the company’s sole owner and shareholder.

Cargill is a Minnesota, US-based privately held corporation with global operations trading, purchasing and distributing grain and other agricultural commodities, the raising of livestock and production of livestock feed, as well as producing food ingredients such as vegetable oils.

Ledesma is an agribusiness company that produces sugar, paper, fruits, citric juice, alcohol bioethanol, cereals, meat, corn syrup and corn starch. Following the sale of its stake in Glucovil, Ledesma will concentrate on its core businesses and use the revenues from the sale to improve its debt profile, the company said in a filing to the Buenos Aires Stock Exchange.

Cargill’s Argentine counsel in the transaction was local law firm Bruchou, Fernández Madero & Lombardi, with a team led by partner Estanislao Olmos, associate Dolores Cedrone and senior associate Florencia Angélico.

The company’s in-house team comprised Rafael Yaryd, Matías Sicardi, Cecilia Bameule and Tomás Fernández Santos.

Ledesma was advised by law firm Nicholson & Cano, with a team comprising partner María Fraguas and associate Candela Cupayolo. The company’s in-house counsel advising on the transaction was Ramón Masllorens.