Summa turning to Australian grain

As reported in Bloomberg, Ziyavudin Magomedov’s Summa Group plans to bid for one of the largest Australian grain traders GrainCorp – other bidders include Archer-Daniels-Midland, which has already offered USD 2.8 billion for the trader.

Summa Group can count on Vnesheconombank to finance its purchase of the asset, if it makes a better offer. It has already signed a loan agreement with the state bank for the construction of a grain terminal in the Far Eastern Federal District. Summa Group is also a strategic investor in the state-wide United Grain Company, so the purchase would fit with its current operations, including control over Novorossiysk Commercial Sea Port.

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