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Reuters
5 days ago
- Business
- Reuters
BayWa sells Dutch unit Cefetra for $143 million to trim debt
June 10 (Reuters) - Embattled German trading group BayWa ( opens new tab has sold its grain and oilseed trading unit Cefetra to Dutch company PGFO for about 125 million euros ($143 million) as part of an effort to cut its debt burden, it said on Tuesday. Baywa Group will get about 61 million euros more as part of Cefetra's refinancing, resulting in a total cash inflow of about 186 million euros. Further, the deconsolidation of the Dutch unit will cut BayWa's bank liabilities by about 500 million euros. Last week, the German agricultural supplies trader said its restructuring plan, including job cuts, was confirmed by a Munich court, after it has been struggling with rising borrowing costs. BayWa said in May that around 300 affected creditors agreed to an extension of loans until the end of 2028, as well as a capital increase of up to 201.6 million euros. The company is trying to reduce its debt by 4 billion euros, notably by selling most of its foreign assets by 2028. Last month, Reuters had reported that BayWa had received at least two offers for Cefetra, which it acquired in 2012 for the same amount as its selling price. ($1 = 0.8750 euros)
Reuters
06-05-2025
- Business
- Reuters
ADM reports first-quarter profit beat
May 6 (Reuters) - Grain trader Archer-Daniels-Midland (ADM.N), opens new tab on Tuesday beat Wall Street expectations for first-quarter profit, helped by robust performance in its nutrition segment and lower costs. The upbeat results come amid a cost-cutting and consolidation push by the company. ADM in February said it planned to cut costs by $500 million to $750 million over the next three to five years and has been slashing jobs and downsizing operations since then. The company has seen its profit fall in recent quarters as prices of certain crops such as corn and soybean hit multi-year lows amid a global supply glut. It is also reeling from an accounting scandal last year that drew federal scrutiny and sent its stock price tumbling. Profit from Ag Services & Oilseeds, its largest segment, slumped 52% in the reported quarter, while the nutrition segment posted a 13% rise in profit. ADM reaffirmed its full-year adjusted earnings forecast of $4 to $4.75 per share, but expects it to come at the lower end of the range. The Chicago-based company posted an adjusted profit of 70 cents per share for the three months ended March 31, compared with analysts' average estimate of 67 cents, according to data compiled by LSEG.
