MARKET TALK: Agco Buys 60% Of Brazilian Ag Machinery Maker
06 Gennaio 2012 - 5:21PM
Dow Jones News
10:51 (Dow Jones) Agco (AGCO) buying a 60% stake in a Brazilian
company that makes mechanized sugar-cane harvesters. AGCO agreed to
pay $31M for a controlling share of Santal Equipamentos. CEO Martin
Richenhagen hinted last month a deal was at hand after AGCO's
efforts to develop its own harvester proved to be unsatisfactory.
Rivals Deere (DE) and CNH Global (CNH) already have cane harvesters
on the market. Sugar-cane harvesters are expected to be hot sellers
in Brazil in the coming years, as the government tries to eliminate
the practice of burning fields to make the cane easier to cut by
hand. AGCO up 0.9% at $47.27. (robert.tita@dowjones.com)
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