“The fact that a local authority has issued an approval does not necessarily mean the transaction is as good as done. There are several items left to be clarified,” Alcedo president Nicolae Sandulescu said Tuesday in a news release.
He added the transaction is in an advanced stage, and its value reaches several tens of millions of euro.
Alcedo is owned by six individuals, each with stakes between 10% and 19.5%. The company has a market share of some 20% on the pesticide distribution market and 10% on the seed distribution market.
Sumitomo is one of the largest Japanese corporations, with operations in heavy industry, chemistry, financial services, mining and metallurgy, electrical installations, electronics, construction and construction materials, real estate, forestry, automotive and IT.
Sumitomo operations include car maker Mazda, tire maker Dunlop, electronics maker NEC and financial group Sumitomo Mitsui, one of the largest banks in Japan.