Spain's Ebro buys Australia's SunRice
Spain's largest food company, Ebro Foods, said Friday it had reached a deal to buy Australia's Ricegrowers Ltd for 600 million Australian dollars (440 million euros, 590 million dollars).
Ricegrowers is Australia's biggest rice supplier, selling under the SunRice brand, and is a major global player in rice products and pasta.
Ebro said in a statement that the two companies had signed a definitive agreement on the sale which will now go to the Australian companies shareholders and regulators for approval.
SunRice sells around 500,000 tonnes of rice per year and has leading positions in its main markets, including New Zealand, the Pacific Islands, Hong Kong, Singapore and the Middle East.
It controls brands such as Riviana, Sunwhite, Sunbrown, Sunlong, Calrose and Mahatma, as well as the Always Fresh label.
Ebro Foods announced on Thursday that it was buying the rice unit of Spanish group SOS for 195 million euros.
© 2010 AFP