Cargill Inc said it had agreed to pay a total of US$300 million for an 85.01% stake in PT Sorini Agro Asia Coporindo Tbk (SOBI).
Following the take over announcement, Sorini Agro Asia Corporindo shares rose to a record in Jakarta trading.
Sorini advanced 2.3% to Rp3,350 per share, set for the highest close since its trading debut August 1992. Cargill said it agreed to buy the company's shares at Rp3,500 each.
Disclosure: No position at the stock mentioned above.
Print This Article