Saudi Dairy Buys Argentina’s Fondomont

Saudi dairy company Almarai has acquired Argentine farm operator Fondomonte for SAR13m ($83.19m), in a transaction that gives Almarani a source for animal feed. The Saudi company financed the transaction with a combination of operational cash flow and funds from Islamic banking facilities, the company says. Officials at Fondomonte could not comment on acquisition details and Almarai officials could not immediately be reached for comment. Fondomonte controls three farms with an combined extension of 12,306 hectares where it produces soybean and corn.