16 hours ago
ADQ in talks to buy stake in Limagrain's vegetable seeds business
PARIS: Abu Dhabi investment firm ADQ is in talks to acquire a 35% stake in the vegetable seeds business of French agricultural group Limagrain as part of an alliance that would also seek to develop seeds for harsh climates, Limagrain said on Wednesday.
Financial terms were not disclosed.
Farmer-owned cooperative Limagrain, based in central France, is one of the world's leading seed suppliers, competing with firms like Bayer. It says it is the largest supplier in the vegetable seed segment.
The planned transaction will see Limagrain Vegetable Seeds and Silal – an ADQ portfolio company - launch joint research and development (R&D) partnership in the UAE focused on developing desert-adapted seeds.
Limagrain said the proposed tie-up was in keeping with its longstanding approach of bringing in minority shareholders and would allow it to boost research into climate-resilient varieties.
ADQ has previously invested in the agricultural supply chain by acquiring a 45% stake in Louis Dreyfus Company, one of the world's biggest crop merchants.
The deal with ADQ would see Limagrain bring together different vegetable seed activities that had combined sales of 796 million euros in its 2023-2024 financial year.
