Commodity group Louis Dreyfus completes stake sale to ADQ | Reuters
Louis Dreyfus Company (LDC) said on Friday it had completed the sale of a 45% indirect stake to Abu Dhabi holding firm ADQ, marking the arrival of the first non-family shareholder in the agricultural commodity group's 170-year history.
The overall value of the deal was not disclosed but LDC said in a statement that a portion of the proceeds had been invested in the full repayment of a $1.051 billion loan that LDC had granted to its parent company.
The stake sale to ADQ was initially announced last November.
That ended a long hunt for an investor by controlling shareholder and chairwoman Margarita Louis-Dreyfus, who had built up debt buying out other family members during a period of lean profits for the commodity merchant.
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