Lifestyle

EU clears acquisition of Egyptian joint venture by US company

BRUSSELS, The European Commission approved Tuesday the joint acquisition of National Vegetable Oils Co. (NVOC), a joint venture based in Egypt, by Cargill and Archer Daniels Midlands (ADM) both of the US.

NVOC produces and sells crude soybean oil, soybean meal and soybean hulls in the Egyptian market and is currently solely controlled by Cargill, said the EU’s executive body in a press release Tuesday.

Cargill is active in the international production and marketing of food, as well as in agricultural and risk management products and services. ADM is a processor of oilseeds, corn, sugar, wheat and other agricultural commodities, and a manufacturer of vegetable oils and fats, vegetable protein, meal, corn as well as other value added products and feed ingredients.

The Commission concluded that the proposed acquisition would raise no competition concerns because the joint venture will have no or negligible activities in the European Economic Area.

Source: Kuwait News Agency