US agribusiness giant ADM International has gobbled up UK edible oils and fats maker Pura in a £42m (US$68.6m) deal.
Pura is one of the UK’s largest makers of edible oil, with some 30% of the market. It supplies companies such as Mars as well as many small businesses such as bakeries ad fish and chip shops.
ADM had a 28% stake in Pura prior to the deal and is thought to offer Pura greater security that it enjoyed under the previous management. Founder Ian Hutcheson and his family have gained £11m from the sale to ADM.
Pura shares rose 23p to 108p on the news.