Bunge announced on 15 December that it had agreed to acquire leading Turkish olive and vegetable oil producer Ana Gida.

Ana Gida owns Komili, the leading olive oil brand in Turkey with a retail market share of more than 30%, Bunge said.

Ana Gida also produces Madra olive oil and Kirlangic olive, sunflower and corn oils.

Bunge would buy a 55.25% stake of Ana Gida from Anadolu Endustri Holding and the remaining 44.75% from SEEF Foods, and the deal was expected to be completed in the first quarter of 2017, Reuters reported.

The company was worth some 172.5M lira (US$49M) and the final sale price would be determined after year-end cash, debt and working capital corrections, according to Yazicilar Holding, the holding company of Anadolu Endustri Holding.

Bunge has been present in Turkey since 2000, processing and distributing domestically produced and imported oilseeds such as sunflower, canola and soyabean at several facilities, the Reuters report said.

"The acquisition will provide a strong vegetable oil portfolio across all price segments. This, combined with the existing distribution network of Ana Gida, will help Bunge to increase its reach and access to customers throughout Turkey," Bunge said.

Ana Gida has two factories in Yarimca and Ayvalkik. The Yarimca site has an annual production capacity of 45,000 tonnes. The other facility is located in Ayvalik, the olive oil capital of Turkey, with 3,200 tonnes of storage capacity.