Ospraie and Soros bought CONAGRA FOODS!!!!!!!!!!!!
Jun 28, 2011 18:17:22 GMT -5
Post by shann0 on Jun 28, 2011 18:17:22 GMT -5
www.efinancialnews.com/story/2008-06-25/ospraie-and-soros-buy-us-commodities-trader
Ospraie and Soros buy US commodities trader
David Walker
25 Jun 2008.
New York hedge fund Ospraie Management has teamed up with billionaire financier George Soros to pay $2.8bn (€1.54bn) for the commodities trading and merchandising business of US-based ConAgra Foods, in what is thought to be the largest acquisition by a hedge fund.
The acquisition, which completed on Monday, was made by a consortium led by Ospraie Special Opportunities Fund, investor George Soros via what ConAgra described as a "private investor fund", and New York growth asset manager General Atlantic.
The transaction, first revealed in March, is much larger than other deals done in the hedge fund industry. Man Group paid £105m (€133m) for a 25% stake in hedge fund BlueCrest Capital Management in December 2003, while Citigroup is understood to have paid $600m to buy hedge New York fund Old Lane Patrners last July.
Ospraie Management runs about $9bn and its ConAgra transaction continues a row of stakebuilding exercises in commodities firms.
A filing with the SEC last year showed four of Ospraie Management's largest 10 holdings were commodity-related companies; XTO Energy, Chesapeake Energy Corp, BJ Services and Compton Petroleum Corp.
It bought 11% of the shares of Titanium Resources Group last July, raising its stake in the company to 44.7%.
Despite his purchase George Soros' views of the future direction of some commodities prices are mixed. He told a US Senate Commerce Committee hearing on June 3 that investors entering into the world's oil markets via allocations to investable indices had created "a parabolic shape (in price charts) which is characteristic of bubbles in the making."
As a result of the sale of its unit ConAgra announced an increase of $500m to the firm's share buyback programme. The company's board is expected to outline further details of capital allocation plans in its fourth quarter earnings release on Thursday.
Ospraie Management, General Atlantic and George Soros could not be reached for comment.
Ospraie and Soros buy US commodities trader
David Walker
25 Jun 2008.
New York hedge fund Ospraie Management has teamed up with billionaire financier George Soros to pay $2.8bn (€1.54bn) for the commodities trading and merchandising business of US-based ConAgra Foods, in what is thought to be the largest acquisition by a hedge fund.
The acquisition, which completed on Monday, was made by a consortium led by Ospraie Special Opportunities Fund, investor George Soros via what ConAgra described as a "private investor fund", and New York growth asset manager General Atlantic.
The transaction, first revealed in March, is much larger than other deals done in the hedge fund industry. Man Group paid £105m (€133m) for a 25% stake in hedge fund BlueCrest Capital Management in December 2003, while Citigroup is understood to have paid $600m to buy hedge New York fund Old Lane Patrners last July.
Ospraie Management runs about $9bn and its ConAgra transaction continues a row of stakebuilding exercises in commodities firms.
A filing with the SEC last year showed four of Ospraie Management's largest 10 holdings were commodity-related companies; XTO Energy, Chesapeake Energy Corp, BJ Services and Compton Petroleum Corp.
It bought 11% of the shares of Titanium Resources Group last July, raising its stake in the company to 44.7%.
Despite his purchase George Soros' views of the future direction of some commodities prices are mixed. He told a US Senate Commerce Committee hearing on June 3 that investors entering into the world's oil markets via allocations to investable indices had created "a parabolic shape (in price charts) which is characteristic of bubbles in the making."
As a result of the sale of its unit ConAgra announced an increase of $500m to the firm's share buyback programme. The company's board is expected to outline further details of capital allocation plans in its fourth quarter earnings release on Thursday.
Ospraie Management, General Atlantic and George Soros could not be reached for comment.