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Ecom seeks EU approval to buy Armajaro coffee and cocoa trading arm

Reuters - UK Focus

BRUSSELS, April 14 (Reuters) - Swiss agricultural trader Ecom Agroindustrial has formally requested European Union regulatory approval for its acquisition of Armajaro Holdings' commodity trading arm to strengthen its position as one of the world's biggest cocoa and coffee dealers.

The deal, announced in November, will give Ecom (Stockholm: ECOM.ST - news) access to a vast logistics and storage network while forging ties with farmers from West Africa to south-east Asia and Peru.

The European Commission said on its website on Monday that it would decide on the takeover by May 23.

Ecom, ranked among the top three coffee merchants and the top five traders in cotton and cocoa, will compete with Archer (Frankfurt: 8SW.F - news) Daniels Midland Co and Cargill Inc in cocoa trading and with privately held Neumann Kaffee Gruppe in coffee when the deal is finalised.

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Armajaro co-founder and majority owner Anthony Ward acquired the nickname "Chocofinger" for his bold deals in cocoa futures, transforming the London-based company into one of the world's biggest cocoa traders.

Its trading business posted a $7.5 million loss and negative cashflow in the year to Sept. 30, 2012. (Reporting by Foo Yun Chee; Editing by David Goodman)