Grain merchant Gavilon sells out
Marubeni Corp. (8002.TO) said Monday that it will not be purchasing grain merchant Gavilon Holdings LLC's energy business under its multi-billion dollar acquisition of the company.
The Japanese trading house said that under the revised purchase plan sellers will now receive approximately $2.6 billion in cash and will retain Gavilon's energy business.
"Marubeni has received necessary approvals from all relevant competition authorities. The Chinese competition authority granted conditional approval, and Marubeni is currently in the process of fulfilling those conditions," the company said in a statement.
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(END) Dow Jones Newswires
June 09, 2013 20:11 ET (00:11 GMT)