Peru-based multinational Alicorp has announced its board of directors has approved plans to buy Fino and ADM-SAO, two oil processing companies in Bolivia.

The Alicorp board unanimously backed the acquisition of 100% of the shares of Industrias del Aceite and related businesses (Fino), and 100% of the shares of oilseed crusher ADM-SAO.

Fino, which was owned by Peru’s Grupo Romero, not only manufactured soy and sunflower beans and oil for the industrial sector, but also had refined oil, butter and margarine brands for consumers.

ADM-SAO is a subsidiary of US agri-food group Archer Daniels Midland and which manufactures soy and sunflower oils and flour. Both firms own crushing facilities in the Santa Cruz de la Sierra area.

In January, when assessing the purchases, Alicorp estimated a potential value of between US$390m and $420m for the combined operation, subject to due diligence. 

The deals will see Alicorp begin to operate directly in the Bolivian market, as it does already in Peru, Argentina, Brazil, Chile and Ecuador.

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By GlobalData