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Share Name | Share Symbol | Market | Type |
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Lehman Abs WA Mut 22 | NYSE:CRG | NYSE | Ordinary Share |
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CHICAGO--The U.S. Justice Department is investigating a plan by ConAgra Foods Inc. (CAG), Cargill Inc. and CHS Inc. (CHSCP) to combine their North American flour-milling businesses into a new joint venture that would form the industry's biggest player.
"The Department of Justice's Antitrust Division is investigating a proposed joint venture between ConAgra Foods, Cargill and CHS Inc. that would combine the flour milling operations of ConAgra Mills and Horizon Milling," Gina Talamona, a spokeswoman for the U.S. Department of Justice, said Wednesday.
Horizon Milling is a joint venture formed in 2002 between Cargill and CHS. The proposed new joint venture, announced in March and called Ardent Mills, would control about one-third of the U.S. milling market by capacity, selling flour products to customers in the baking and food industries and offering services such as product development. Combined annual sales of the new joint venture would top $4 billion.
Cargill, a major grain processor and trader, and ConAgra, a food company with brands such as Chef Boyardee and Hunt's, will each have a 44% stake in Ardent Mills. CHS, a farmer's cooperative, will control the remaining 12%.
ConAgra Foods believes the formation of Ardent Mills "will enhance competition and customer and consumer choice," and it expects to complete the transaction as planned, spokeswoman Becky Niiya said. Cargill spokeswoman Lori Fligge said Ardent Mills "will have substantial competition."
CHS spokeswoman Lani Jordan said:"CHS supports the establishment of Ardent Mills as an opportunity to add value for our producer and co-op owners in what will continue to be a highly competitive industry."
Write to Owen Fletcher at owen.fletcher@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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