Sept. 1 (Bloomberg) -- Elstar Oils SA, a Polish producer of edible oils and biofuels, surged to a one-year high after Bunge Ltd. offered to buy the company, challenging a takeover bid from Archer Daniels Midland Co.
Elstar jumped 22 percent to 6.55 zloty at 12:05 p.m. in Warsaw, valuing the producer based in Elblag, northern Poland, at 315 million zloty ($109 million).
Bunge, a U.S. trader and processor of agricultural commodities, is seeking to buy at least 80 percent of Elstar at 6.75 zloty a share, according to a statement by the broker managing the bid. The company’s offer exceeds that of Archer Daniels, which last month offered 5.5 zloty per Elstar share.
Archer Daniels, the world’s largest grain processor, signed a deal with Stanislaw Rosnowski, Elstar’s chief executive officer, to buy his 50.9 percent stake, the biofuel maker said Aug. 13.
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