Spanish tuna processor Grupo Calvo has said it has paid US$50m for 80% of Brazilian canned fish producer Gomes da Costa.
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General manager Ramón Calvo said the deal, which followed a year of negotiations, will make Grupo Calvo the fifth-largest tuna processor in the world, reported Spanish newspaper El Pais.
Calvo said the Spanish company planned to eventually buy the remaining 20% stake within three years.
Chairman José Luis Calvo said the acquisition would also give Grupo Calvo access to markets in Argentina, Chile and Uruguay.
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