ROMANIA: A Canadian group to buy Argus Constanta oil manufacturer | Progresiv
SIF Oltenia investment fund, which owns 86% of Argus Constanta stakes, announced the signing of a memorandum of understanding with Canadian group Delamore & Owl in order to start procedures for the sale of vegetable oil manufacturer in Constanta county. 
"SIF Oltenia informs its investors that on January 12, it signed with Delamore & Owl Group of Companies a memorandum through which SIF Oltenia agrees with Delamore to begin the process of due diligence (technical, legal and financial) for a possible acquisition of the equity held by SIF in Argus Constanta", according to a company's financial investment information transmitted to the Bucharest Stock Exchange.
Delamore & Owl is a Canadian group of companies with multiple activities including agri-business, with revenues of about five billion dollars annually.
Argus makes sunflower oil brands Argus, Tomis, Sorica and Sora Soarelui. In 2014 the company recorded a turnover of 176.4 million lei, up by 12% compared to the previous year.
The vegetable oil market in Romania is dominated by American group Bunge and French group Sofiproteol (which owns Expur Urziceni). Another important player is Prutul Galati, owned by a local entrepreneur.
