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New Britain Palm Oil takes 100% of Vitroplant Orangerie Bay.

MANews-(C)2009-2012

23 July 2012 - Lodnon-listed but Papua New Guinea-based palm oil producer New Britain Palm Oil Ltd (LON:NBPO) on Monday said it had fully acquired local holding company Vitroplant Orangerie Bay Ltd USD4.4m (EUR3.6m) in cash.

Following the deal, Vitroplant will change its name to Orangerie Bay Plantations Limited. The company owns state leases located in Central Province and has permits from the Department of Environment and Conservation for oil palm plantation development. Its acquisition will help the buyer to boost its palm oil production.

No further details about the deal were disclosed.

NBPO, which produces sustainable palm oil in Australasia, has more than 78,000 hectares (192,742 acres) of planted oil palm estates, over 7,700 hectares of sugar cane and 9,200 hectares of grazing pasture. It also operates 12 oil mills and two refineries, one of them located in Liverpool, the UK.

Based on its share price on the London Stock Exchange at 10:23 local time, NBPO is valued at GBP1.19bn (USD1.85bn/EUR1.53bn).Country: Papua New GuineaSector: Agriculture/ForestryTarget: Vitroplant Orangerie Bay LimitedBuyer: New Britain Palm Oil LimitedDeal size in USD: 4.4mType: Corporate acquisitionStatus: Closed

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Publication:M & A Navigator
Date:Jul 23, 2012
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