Seaboard Corp.’s profit falls 36% on lower corn and soybean meal sales

USA - Seaboard Corp, the diverse multinational agribusiness and transportation conglomerate has posted operating income of US$11 million, a 36% decline for the Commodity Trading and Milling (CT&M) segment on lower corn and soybean meal sales prices and volumes. In the first quarter ended March 31, net sales increased by 8% to US$786 million reflected…

Unga posts US$5.03 million half year net profit amid buyout talks

KENYA - Listed miller Unga Group has posted an after-tax profit of Sh511.1 million for the six months to December, a near four-fold increase in earnings which resulted from higher sales. The firm, which is the buyout target of American multinational Seaboard Corporation, saw its turnover improve 8.1 % to close the period at US$109.15 million.…

Unga buyout company Seaboard faces US probe

KENYA - American authorities are investigating Seaboard Corporation, the multinational company that is planning to buy out Unga Group’s minority shareholders, for alleged financial misconduct in multiple African countries including Kenya, reports indicate. Prosecutors in the United States are interrogating Seaboard’s Pan African operations for evidence of multiple crimes, including money laundering, bribery, and doing business…

Seaboard’s Unga takeover bid meets minority owners’ opposition

KENYA - Minority shareholders have rejected Delaware-based conglomerate, Seaboard Corporation’s quest to acquire an additional 46.1 per cent stake in Unga Group , arguing it undervalues the Nairobi Securities Exchange-listed firm by Sh701.5 million. Seaboard’s buyout offer of Sh40 per share values Unga at Sh3 billion, 18.8 per cent below its book value of Sh3.7…

Bourse suspends Unga shares as Seaboard plans stake

KENYA - Nairobi Securities Exchange (NSE) has suspended trading in the shares of Unga Group Plc whose retail investors have received a buyout offer of Sh40 per share from one of its significant shareholders, Seaboard Corporation. The Delaware-based multinational, which already owns a 35 per cent stake in the company's operating subsidiaries, is acting in…