Zeder Investments Ltd. (ZED), an investor in agricultural companies, said it would buy a stake in South Africa’s biggest fruit exporter Capespan Group Ltd. from Total Produce Plc. (TOT) for 258 million rand ($28.3 million).
Zeder, which made an unsuccessful takeover bid for Capespan two years ago, will buy Total’s 25.3 percent stake and will now own 71.1 percent of the company, Stellenbosch, South Africa- based Zeder said in a statement today.
Total Produce (TOT), a European fruit and vegetable distributor, agreed to the deal after a “strategic review of the long-term benefits of holding a minority stake”, the Dundalk, Ireland- based company said in a separate statement. The transaction will be completed in the coming weeks.
South Africa is the world’s biggest exporter of whole oranges and the largest shipper of grapefruit.
To contact the reporter on this story: Chris Spillane in Johannesburg at email@example.com.