French company Axereal buys Cargill's malt business

Nov 4 (Reuters) - Axereal, France’s largest grain cooperative, said on Monday that it had agreed to buy Cargill’s malt business, in a deal which the French company said would make Axereal’s Boortmalt unit the world’s leading company in terms of malt production.

Boortmalt will take over all of Cargill’s malt activities, featuring 16 malthouses in nine countries, nearly 600 employees, and with a total production capacity of 1.7 million tonnes.

The financial terms of the deal were not disclosed.

“This acquisition is a major step in our co-operative’s strategic plan: it allows us to diversify our sources of value, and it bolsters the group’s position in a growing sector,” said Axereal Chief Executive Officer Paul-Yves L’Anthoën. (Reporting by Sudip Kar-Gupta; Editing by Christian Schmollinger)