Brazilian Coop Goes Pop
One of Brazil's largest grain cooperatives has gone into liquidation, according to media reports.
Cooperativa Agropecuaria e Industrial, or Cooagri, which was founded in 1957 was declared insolvent by a court in the Brazilian city of Dourados, according to the local newspaper Valor Economico.
The cooperative had an annual sales revenue of around US$590 million, and almost 1,000 employees.
In February this year the cooperatives members unwisely vetoed a proposal from the board to lease their 18 units in Mato Grosso do Sul to ADM for a period of five years.
No doubt ADM will now attempt to resurrect that deal at a knock-down price. Smart move by the members there!
Cooperativa Agropecuaria e Industrial, or Cooagri, which was founded in 1957 was declared insolvent by a court in the Brazilian city of Dourados, according to the local newspaper Valor Economico.
The cooperative had an annual sales revenue of around US$590 million, and almost 1,000 employees.
In February this year the cooperatives members unwisely vetoed a proposal from the board to lease their 18 units in Mato Grosso do Sul to ADM for a period of five years.
No doubt ADM will now attempt to resurrect that deal at a knock-down price. Smart move by the members there!
