Zeder Investments Ltd., 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. 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, 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.