A private investor in agricultural companies has announced that it would be purchasing in Capespan Group Ltd, South Africa's biggest fruit export company. The investor is Zeder Investments Ltd and the shareholdings would be bought out from Total Produce Plc for the price of 258 million rand or US$28.3 million.
Zeder had already tried to take over Capespan two years ago, but now has the opportunity to purchase Total's 25.3% shareholdings. With the acquisition, Zeder would be owning 71.1% of the company a majority share and one of the largest purchases for the company on record.
Total Produce, based out of the Dundalk, Ireland, had agreed to the offer by the Stellenbosch, South Africa based Zeder after a 'strategic review of the long-term benefits of holding a minority stake'. The transaction would be completed in the next few weeks.
Currently, South Africa is the world's largest exporter of whole oranges as well as the largest shipper of grapefruit.
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