Japanese trader Marubeni has reduced its takeover offer for private equity-backed US grain handler Gavilon Holdings by $1bn after leaving its energy unit out of the deal.
The revised offer values the rest of Gavilon’s business at $2.6bn compared with the original offer of $3.6bn made in May last year, which made it Marubeni’s largest acquisition to date.
Marubeni is buying America’s third largest grain handler from General Atlantic and other investors including hedge fund titan Soros Fund.
General Atlantic and Soros bought Gavilon for $2.8bn in 2008 as part of an investor consortium led by Ospraie Special Opportunities Fund.
General Atlantic and Warburg Pincus have recently bought a 50 per cent interest in Santander’s asset management unit.
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