PARIS (Reuters) - Commodity pricing agency Argus Media has acquired French consultancy Agritel to expand into agricultural markets, the companies said on Monday.
They did not disclose the terms of the deal, but said in a statement that Agritel’s staff and management will remain in place.
Agritel is headed by Michel Portier, who founded the firm in 2001 to offer information and risk management services for farmers and agri-business companies. It covers crops such as cereals and sugar, along with other agricultural markets, including livestock.
It has expanded outside France in recent years by developing an office in Ukraine in order to cover the Black Sea grain export region.
The takeover by Argus would lead Agritel to develop formal price benchmarks for the first time, Portier told Reuters by telephone.
Argus’ presence in more than 20 countries would also help Agritel expand internationally, he said.
Argus, which competes with Platts as a leading global oil price agency, said in the statement that the takeover of Agritel would complement its existing fertiliser and biofuel services.
Reporting by Gus Trompiz, editing by Louise Heavens