Serbia’s antitrust body clears acquisition of Sojaprotein by US-based ADM

Serbia’s competition authority said it approved the acquisition of agribusiness company Victoria Group, the parent of non-GMO soy ingredients provider Sojaprotein, by US food processing and commodities trading giant Archer Daniels Midland (ADM).

The transaction will not lead to horizontal overlapping of activities nor vertical effects on the market, the Commission for Protection of Competition said in a notice posted on its website.

ADM plans to carry out the transaction through Dutch-based subsidiary Archer Daniels Midland Europe B.V. Victoria Group is owned by Belgrade-based investment firm MK Group.

In July, ADM said it signed a deal to acquire Sojaprotein in a drive to enhance its global alternative protein platform. The financial details of the transaction, which hinges on regulatory approvals, remained undisclosed.

Sojaprotein offers non-GMO vegetable protein ingredients for global customers in the meat alternative, confectionary, protein bar, pharmaceutical, pet food and animal feed segments. The company, which was set up in 1977, has sales in 65 countries. The business booked more than $100 million (88.9 million euro) in sales in 2020.

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Tags: ADM, Serbia, soy