Cargill eyes stake in Indonesia's Sorini -sources

Perusahaan asal Amerika Serikat Cargill Incorporation tengah bernegosiasi untuk mengakuisisi PT Sorini Agro Asia Tbk (SOBI), produsen sorbitol nomor dua dunia. Demikian pernyataan sumber yang dikutip Reuters, hari ini.

Menurut sumber tersebut, akuisisi diharapkan bisa tuntas pada akhir tahun atau paling lambat awal tahun depan. Saat ini pembicaraan masih dalam awal. V Suresh selaku direktur AKRA, pemilik SOBI,menegaskan saat ini perusahaan tidak lagi bernegosias dengan pembeli potensial manapun.

* Cargill in talks to buy a stake in Sorini -sources

* Deal would give Cargill stake in No. 2 sorbitol producer 

U.S. agribusiness trading giant Cargill Inc [CARG.UL] is in talks to buy a stake in Indonesia's PT Sorini Agro Asia (SOBI), the world's No. 2 sorbitol producer, two sources with knowledge of the talks told Reuters on Tuesday.

Sorini, which has a stock market value of $234 million, produces sorbitol, a sweetener used in toothpaste and chewing gum, and includes Unilever, Nestle SA and Procter & Gamble Co, among its customers.

"By taking control of Sorini, Cargill will have important control of the sorbitol and starch-derivative products supply chain," one source told Reuters.

"The growth opportunities are promising, for both domestic consumption and exports," for example to China and India, the source added.

Indonesia is a leading exporter of commodities including sorbitol, starch, and starch sweeteners, which are mainly derived from cassava. The products are used as an additional material for toothpaste, vitamin C tablets, chewing gum, soft drinks, and ice creams.

Sorini, which is controlled by chemicals and fuel distributor PT AKR Corporindo (AKRA), has production capacity of 195,000 metrics tonnes for sorbitol, 92,800 tonnes for other starch sweeteners, and 195,000 tonnes for starch.

Its first-half net profit plunged 46 percent to 45 billion rupiah ($5.02 million), from 83.5 billion rupiah a year earlier, mainly because of the stronger rupiah and higher raw material prices.

Sorini's shares fell 1.1 percent to 2,250 rupiah a share on Tuesday while the broader market was up 0.17 percent. However, Sorini's share price has jumped 40 percent so far this year, beating the broader market which is up 23 percent.

Sorini sold 172,000 metric tonnes of sorbitol, starch and starch sweeteners in the first half, up 23 percent from a year ago, with around 43 percent of the total exported.

"The talks could be wrapped up by the end of the year or early next year," a second source told Reuters, adding that details of price have not been discussed as talks are still at an early stage.

Hadi Susilo, a spokesperson for Sorini, told Reuters that he had no knowledge on the talks. V. Suresh, a director of AKR, said the company was not currently in talks with any potential buyers. AKR owns 69.5 percent, according to stock exchange reports.

Rudolf Saut, a public affairs director for Cargill Indonesia, said he had no knowledge on the talks. Cargill has palm oil plantation assets in Indonesia. It also sources and exports cocoa and grains as well as trading sugar from Indonesia. ($1=8965 Rupiah). Source: Reuters