Leading Asian agribusiness Wilmar has acquired Cosumar’s 45% stake in vegetable fats business Wilmaco for US$8.7bn.

Following the deal, Wilmaco would become a wholly-owned subsidiary of Wilmar, the latter said on 30 July.

Wilmaco is involved in the production, development, processing, import, export and marketing of vegetable fats and their by‐products.

The construction of Wilmaco’s speciality fats facility in Morocco was due to be completed in the fourth quarter of this year, Wilmar said.

The acquisition is subject to terms to be agreed and finalised by September and to Cosumar board approval.

As part of the same transaction, Singapore-based Wilmar said it had agreed to dispose of its 30.05% equity shareholding in Cosumar – a company involved in the production of sugar and the refining of imported raw sugar and marketing and distribution of these products.

In addition, Wilmar said it would acquire Cosumar’s 43.275% stake in Durrah Advanced Development, a Saudi Arabian refiner of white sugar for the retail and industrial sectors.