Moldova's largest agribusiness group buys Romanian company

Trans-Oil, Moldova's largest agribusiness company, will take over the local company Racova, active in agriculture and food industry, in a transaction estimated at over USD 100 million, which should be completed by December. Racova, which has been set up by Romanian investor Adrian Porumboiu, a former football referee, will be restructured and the farming and oil production activities will be streamlined, said Radu Musinschi, Trans-Oil country manager, cited by local Profit.ro. The International Financial Corporation (IFC), a division of the World Bank, will provide part of the funding for the deal. Trans-Oil made its first acquisition in Romania a year ago when it bought the oil factory Ultex. The group, which is the largest player on the agricultural market in the Republic of Moldova, is controlled by the businessman Vaja Jhashi, who has both US and Georgian citizenship. editor@romania-insider.com