ADM already had a 22% stake in North Star Shipping, while Liviu Ghebaur and Ion Vasile owned the rest, 53% and 25%. It also owned half of Minmetal via a special purpose vehicle, Omega Capital, and North Star Shipping owned the rest.
The harbor operator representatives did not comment on the information and ADM’s officials in Europe merely said they do not comment on rumors or speculations.
Locally available information shows that the negotiations took more than six months and the parties have already submitted the necessary papers to the authorities to make the deal official.
The agreement between the Romanian shareholders and ADM will be a record deal for the local market, as the two export terminals are third and fourth largest in the Constanta Harbor. They can store 145,000 tons and 138,400 tons, according to Agriculture Ministry data.
Their storage capacity, strategic position in the harbor and the quick ship loading and unloading facilities point to an estimated transaction value of more than EUR90 million, according to ZF’s estimates.
North Star Shipping and Minmetal terminals can operate grain, ore, fertilizers, vegetable oil and biodiesel.
Once the deal completed, ADM will have the biggest export terminals in the harbor followed by rival trader Nidera, via United Shipping Agency and Switzerland’s Ameropa via Chimpex.
ADM’s revenue stands at EUR643 million in Romania and at $89 million worldwide. It used to operate under the Alfred Toepfer name until last year when it dropped it following a regional rebranding process.
(English version by Loredana Fratila-Cristescu)