(Nov. 26) SOS Corporacion Alimentaria is to sell its rice division to Spanish food group Ebro Foods for EUR195m (US$261m). The deal, announced yesterday (25 November), could also lead to Ebro taking a 10% stake in SOS, which is selling EUR200m worth of shares to help restructure its debt and fund expansion. Announcing the sale of the rice business, the SOS board of directors said the cash will help the company reduce its debt, as well as concentrate on the development of its core business, olive oil. The SOS board said the group will also look to improve its competitive position in its main markets of Spain, Italy and the US, as well as the emerging markets of Brazil, China and Japan.
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