global agribusiness - pwc · 2016-12-01 · brazil: saputo inc, one of canada’s largest dairy...

Deal Activity

Global Agribusiness

June 2016

www.pwc.com

1 Agribusiness news & multiples 1

2 Food trust 6

3 Markets update 9

4 Our team 14

PageSection Overview

Table of contents

PwC

June 2016

1

Global Agribusiness • Deal Activity

Agribusiness news & multiples

PwC

June 2016

2015A NTM

9.5x 9.0x

20.3x 1 2.9x

8.0x 7 .0x

8.8x 8.3x

1 2.9x n.a.

20.4x 9.6x

5.8x 7 .1 x

37 .1 x n.a.

33.2x 1 0.7 x

7 .1 x n.a.

11.2x 9.0x

16.3x 9.2x

2015A NTM

1 5.1 x 1 3 .6x

28.2x 1 7 .5x

8.8x 8.3x

9.5x 9.0x

1 1 .2x 9.7 x

1 9.0x 1 8.0x

1 4.9x 1 3.4x

5.1 x 4.2x

1 2.0x 1 0.9x

20.5x 1 8.0x

13.5x 12.1x

14.4x 12.3x

2015A NTM

1 4.4x 1 4.2x

1 8.0x 1 4.1 x

1 5.5x 1 3 .7 x

1 8.6x 1 7 .2x

1 2.6x 1 2.1 x

1 0.1 x n.a.

1 4.8x 1 4.5x

1 6.9x 1 6.8x

6.0x 5.4x

1 0.1 x 9.8x

14.6x 14.1x

13.7x 13.1x

Section 1 – Agribusiness news & multiples

2


DairyRed meatPork

Transaction multiples (EV/EBITDA)

Bidder/Target 1: Pershing Square Capital/Mondelez, 2: Groupe Lactalis/Lactalis Puleva, 3: Pepsi-Cola/Wimm-Bill-Dann Food, 4: Bank Hapoalim/Parmalat, 5: Société pour le Financement de l'Industrie Laitière/Parmalat, 6: Suntory/Cerebos Pacific, 7: SavolaGroup/Almarai , 8: Trian Fund Management/ Danone, 9: Saputo Cheese Morningstar Foods, 10: Prominent Achiever / China Mengniu Dairy Co., 11: China Mengniu Dairy Co./Yashili International, 12: FB Participações/Vigor Alimentos, 13: Qurain Petrochemical Industries/Saudia Dairy & Foodstuff, 14: First Pacific & Wilmar International /Goodman Fielder, 15: Qurain Petrochemical Industries/Saudia Dairy & Foodstuff.16: QurainPetrochemical Industries/Saudia Dairy & Foodstuff.17: First Pacific Company / GoofmanFielder Ltd. 18: Warrnambool Cheese and Butter / Lion Dairy & Drinks, Everyday cheese business, 19: Management / China Huishan Dairy, 20: Centre Laboratories / AusnutriaDairy.

Trading multiples (EV/EBITDA)

Dairy

M&A News

Brazil: Saputo Inc, one of Canada’s largest dairy producers, has announced it is looking to acquire dairy interests in Brazil, up to US$2.7bn in size.

US: Hershey has rejected a US$23bn cash and stock takeover bid from Mondelez International.

Management News

Australia: Fonterra has announced its global brands and nutrition leader, Ren Dedoncker, will take on its Fonterra Australia Managing director role.

Australian Dairy Farmers (ADF) CEO Ben Stapley has resigned after 9 months in the role. ADF has named former CEO John McQueen as Interim CEO.

Red meat

M&A News

Australia: Elders has completed a AU$102m capital raising. Funds will be used to repurchase its outstanding hybrid shares and fund potential acquisition opportunities.

New Zealand: Silver Fern Farms (SFF) and Shanghai Maling have agreed a revised deadline of 30 September for Maling’s NZ$261m investment in SFF to gain Overseas Investment Office approval, subject to the respective board approvals.

Management News

No relevant news.

Bidder/Target 1: West Face Capital/Maple Leaf Foods, 2: Boparan Holdings/Northern Foods, 3: NA/Astarta Holding, 4: Leucadia/National Beef Packing, 5: TMK Holding/ National Beef Packing, 6: NA/Zhongpin, 7: Henan Shineway/Smithfield Foods, 8: Darling Ingredients/VION Ingredients, 9: NA/People's Food Holdings, 10: Sigma Alimentos/Campofrio Food Group, 11: L Sigma Alimentos/Campofrio Food Group, 12: JBS S.A , 13: Condorcet Opportunity / Campofrio Food Group, 14: Tyson Foods / The Hillshire Brands, 15: Nutresa / Aldage. 16: ITOCHU Corporation / C. P. Pokphand Co.17: H. J Heinz Holding Corp / Kraft Foods Group, 18. Bright Foods / Silver Fern Farms.

Trading multiples (EV/EBITDA)Transaction multiples (EV/EBITDA)

Sources: S&P Capital IQ, Factiva, PwC research

Pork

M&A News

US: Cargill is to acquire Five Star Custom Foods, a Texas-based meat producer.

Management News

US: The National Pork Board appointed Bill Even to CEO.

Bidder/Target 1:Talleys Group/ AFFCO Holdings, 2: Premium Brings Holdings / PillerSausages & Delicatessens, 3: Harim Holdings/ Sunjin Holdings Co. 4: LBO / Zhongpin Inc. 5: Mitsubishi Corp / Yonekyu Corp. 6: Henan Shineway Industry Group / Smithfield Foods Inc. 7: LBO / People’s Food Holdings Ltd. 8: Sigma Alimentos / Campofrio Food Group, SA. 9: JBS Australia Pty / P&M Smallgoods Pty. 10: Swift Pork (JBS) / Cargill Pork. 11: Cedrob SA / Polski Koncern, 12: JBS S.A. / Moy Park Ltd., 13: Itoham Foods / YonekyoCorp.

Transaction multiples (EV/EBITDA) Trading multiples (EV/EBITDA)

Median: 12.4x

Median: 9.5x

Median: 7.5x

Nestlé S.A.

Unilev er PLC

Unilev er N.V.

Mondelez International, Inc.

Danone

Fonterra Co-Operativ e Group Ltd.

General Mills, Inc.

Mead Johnson Nutrition Company

Dean Foods Company

Want Want China Holdings Ltd.

Median

Average

Associated British Foods plc

The Kraft Heinz Company

BRF S.A.

Ty son Foods, Inc.

Henan Shuanghui Inv estment &

Kerry Group plc

Hormel Foods Corporation

JBS S.A.

Uni-President Enterprises Corporation

Univ ersal Robina Corporation

Median

Average

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

30.0x

Jan-11 Jan-12 Jan-13 Jan-14 Jan-15

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

Dec-10 Dec-11 Dec-12 Dec-13 Dec-14

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

Jul-11 Jul-12 Jul-13 Jul-14 Jul-15

Ty son Foods, Inc.

Guangdong Wen's Foodstuffs Group

WH Group Limited

BRF S.A.

Seaboard Corp.

Maple Leaf Foods Inc.

Public Joint Stock Company

Shandong Longda Meat Foodstuff Co.,

Muy uan Foods Co., Ltd.

Marudai Food Co., Ltd.

Median

Average

PwC

June 2016

2015A NTM

1 8.0x 1 4.6x

1 3.2x 1 0.2x

32.2x n.a.

1 6.1 x n.a.

1 2.0x n.a.

25.7 x 1 1 .4x

8.3x n.a.

5.9x n.a.

9.3x n.a.

1 1 .2x 1 3 .8x

12.6x 12.6x

15.2x 12.5x

2015A NTM

9.5x 9.0x

5.1 x 4.2x

1 4.9x 1 3.4x

8.8x 8.3x

5.7 x 6.5x

nm 1 4.0x

5.1 x 5.4x

4.0x 5.7 x

5.2x 4.0x

n.a. 4.8x

5.5x 6.1x

7.3x 7.5x

PoultryForestryFruit, vegetables & nuts


3


Poultry

M&A News

Indonesia: Global investment firm KKR is to acquire a 10.4% stake in agri-food company Japfa for $81.2m.

Management News

US: Tyson Foods promoted Tom Hayes to president.


Ty son Foods, Inc.

JBS S.A.

Hormel Foods Corporation

BRF S.A.

Pilgrim's Pride Corporation

Fujian Sunner Dev elopment Co., Ltd.

MHP S.A.

Industrias Bachoco S.A.B. de C.V.

Sanderson Farms, Inc.

L.D.C. S.A.

Median

Average


Bidder/Target 1: Eco-Trade Corp/YaSheng Group, 2: Bonduelle SA/France Champignon, 3: Inversiones Frutícolas / Copefrut, 4: ITOCHU/ Dole, Worldwide Packaged Foods and Asia Fresh Produce Businesses, 5: Dramd Participações e Administração / Rasip Agro Pastoril, 6: Golden Target Pacific / Camposol Holding, 7: Almarai / Continental Farmers Group, 8: Walden International / Le Gaga Holding, 9: D&C Group/ Camposol Holding, 10: GrupoNutresa/ Setas Colombianas, 11: D&C Group/ Camposol Holding, 12: Valles Del Sur/ Hortifrut S.A., 13: Arlon Group/ Alico Inc., 14: FMR Rentas Generales/ Fruticola VicontoS.A., 15: D&C Group/ Camposol Holding, 16: Property & Building Corp./ Mehadrin, 17: NA/ Hortifrut. 18: Sucocitrico Cutrale Ltda / Chiquita Brands. 19: Private investor / Lontrue Co, 20: Private investor / Lontrue Co, 21: Private investor / Hortifruit S.A., 22: Nomad Holdings / Iglo Foods Holdings, 23: Snyder’s-Lance / Diamond Foods.

Fruit, vegetables & nuts

M&A News

US: Olam International acquired Brooks Peanut Company for US$85m.

Growers Express has agreed to acquire MisioneroVegetables. The deal will close by the end of the year.

Management News

South Africa: Capespan Group named Tonie Fuchs asmanaging director after Johan Dique’s retirement.

US: President and CEO of New York Apple Association, Jim Allen has announced his retirement, effective January 2017.

AmericanHort appointed Ken Fisher to President and CEO.


Felda Global Ventures Holdings Berhad

Fresh Del Monte Produce Inc.

Gansu Yasheng Industrial (Group) Co.,

Hortifrut S.A.

United Plantations Bhd

Costa Group Holdings Limited

Hokuto Corporation

Dongfang Modern Agriculture Holding

T&G Global Limited

Société Internationale de Plantations

Median

Average

Bidder/Target 1: Old Mutual Investment Group / Sovereign Food Investment , 2: West Face Capital / Maple Leaf Foods, 3: EASY BIO & FarmStory / Maniker Co., 4: CherrybroCo ., 5: Sadia Alimentos / Avex S.A., 6: PT Japfa Comfeed / PT Multibreeder Adirama, 7: The Chefs' Warehouse Mid-Atlantic / Michael's Finer Meats & Seafoods, 8: Savola Group / Almarai, 9: Mitsubishi / Yonekyu, 10: Bellisio Foods / Overhill Farms. 11: QL Resources Berhad / Lay Hong Berhad, 12: Hassad Food / A’Saffa Foods, 13: JBS S.A. / Moy Park, 14: Charoen Pokphand Foods / CJSC Poultry, 15: Yonekyu Corp / Itoham Foods, 16: Cranswick plc / Crown Chicken, 17: KKR & Co / PT Japfa Comfeed.

2015A NTM

8.6x 5.7 x

6.8x 5.1 x

1 0.5x 9.0x

34.3x n.a.

6.2x n.a.

1 6.2x 1 2.8x

1 3.7 x 7 .1 x

8.1 x 7 .4x

21 .6x 7 .3x

5.2x 4.9x

9.5x 7.2x

13.1x 7.4x


Bidder/Target 1: Placas do Parana /Arauco do Brasil, 2: FV S.A./Fiplasto S.A., 3: Meerwind/Rörvik Timber, 4: BC Investment management / Timber West Forest Corp, 5: LIXIL Group/Hivic Co., 6: Viking Investments Group/China Wood, 7: Viking Investments Group/China Wood, 8: Brookfield Asset Management / Western Forest Products, 9: Samling Strategic / Samling Global, 10: Samling Global / Lingui Developments, 11: Mill Road Capital / PRT Growing Service, 12: Rentech /FulghumFibres, 13: Weyerhaeuser / Longview Timber, 14: Boise Cascade Wood Products / Chester Wood & Moncure Plywood, 15: Louisiana-Pacific / Ainsworth Lumber, 16: Interfor / Tolleson Lumber, 17: Rentech / New England Wood. 18: Keshav Kantamneni / Uniply Industries, 19: Management / TFS Corporation, 20: Private Investors / Hong Wei Holdings.

Trading multiples (EV/EBITDA)Forestry

M&A News

US: Schwope Brothers Tree Farms acquire Anna Nursery. This marks Schwope Brothers’ third nursery acquisition in 15 months.

Management News

No relevant news.

West Fraser Timber Co. Ltd.

Canfor Corp.

Duratex SA

Deltic Timber Corporation

Sonae Indústria, S.G.P.S., S.A.

Stella-Jones Inc.

Interfor Corporation

Boise Cascade Company

Norbord, Inc.

Suzano Papel e Celulose S.A.

Median

Average

Median: 7.9x

Median: 6.8x

Median: 11.9x

0.0x

5.0x

10.0x

15.0x

20.0x

Apr-11 Apr-12 Apr-13 Apr-14 Apr-15 Apr-16

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

Apr-11 Apr-12 Apr-13 Apr-14 Apr-15

5

10

15

20

25

30

35

Aug-12 Aug-13 Aug-14 Aug-15


PwC

June 2016

2015A NTM

1 2.5x 1 4.1 x

1 3 .8x 1 3.4x

7 .8x 1 0.1 x

5.8x 8.7 x

4.7 x 6.0x

6.5x 6.9x

8.8x 9.5x

4.8x 5.2x

6.9x 7 .8x

8.3x 7 .7 x

7.4x 8.2x

8.0x 8.9x

Grains & beansFertiliser & agricultural chemicals


4



Fertiliser & agricultural chemicals

M&A News

US: Bayer has confirmed its US$62bn acquisition proposal for Monsanto. The deal presented was for a 100% cash buyout, financed by BoA Merrill Lynch and Credit Suisse. Monsanto has declined to progress to due diligence at the current offered price.

Brazil: SynTech Research has acquired Syngenta’s Brazil based field and laboratory research facilities.

India: Sumitomo Chemical is to acquire 45% of Excel Crop Care, India’s 5th largest agrochemical company for US$93m.

Management News

Germany: Bayer CropScience Chairman Dr Vijay Mallaya has resigned. A new Chairman will be appointed at the next board meeting in July.


Monsanto Company

Sy ngenta AG

Potash Corporation of Saskatchewan

The Mosaic Company

K+S Aktiengesellschaft

CF Industries Holdings, Inc.

Agrium Inc.

Yara International ASA

Israel Chemicals Ltd.

The Dow Chemical Company

Median

Average


Bidder/Target 1: Koor Industries/ADAMA , 2: CF Industries/Terra Industries, 3: China National Chemical / ADAMA, 4: Uralkali /Silvinit, 5: Sumitomo Chemical / Nufarm, 6: Mineracao Naque/ Vale Fertilizantes, 7: Menoza Trading / OJSC PhosAgro, 8: CJSC Holding / SBU Azot, 8: EuroChem/K+S Aktiengesellschaft, 10: YoungorInvestment/Kingenta Ecologic Engineering, 11: Norica /Grupa Azoty, 12: Grupa AzotySpólka Akcyjna/Zaklady Azotowe Pulawy Spolka Akcyjna, 13: ADAMA /Hubei SanondaCo., 14: Jiang Yin Hanying/Jiangsu ChengXing Phosph-Chemicals, 15: YaraInternational/OFD Holding, 16: EDAILY Co./ KG Chemical, 17: Adorabella/OJSC PhosAgro, 18: Platform Specialty Products/ Chemtura AgroSolutions, 19: YaraInternational/Galvani Indústria, Comércio E Serviços, 20: Boulevard Acquisiton / AgroFresh. 21: CF Industries / GrowHow UK. 22: Dow Chemical / DuPont. 23: Compass Minerals / Produquimica, 24: Sumitomo Chemical / Excel Crop Care.

2015A NTM

1 0.6x 1 0.1 x

1 1 .7 x 1 1 .4x

7 .2x 6.8x

1 9.1 x 1 7 .0x

1 6.7 x 1 3 .1 x

22.4x 1 5.2x

1 3.0x 1 0.1 x

1 0.4x 8.9x

26.6x 1 7 .7 x

1 3 .3x 1 2.1 x

13.1x 11.8x

15.1x 12.2x

Grains & beans

M&A News

Switzerland: British Columbia Investment Management acquired 10% of Glencore for $625m.

US: Land O Lakes acquired plant genetics company Ceres Inc. for US$17.2m.

Monsanto and Remington Holding Co. announced a JV, Innovative Seed Solutions, with a strategic focus on sorghum.

UAE: Olam acquired the remaining 50% stake in Acacia Investments for $24m.

Australia: S&W Seed Company announced the acquisition of Australian seed genetics company, SV Genetics for US$5.3m.

Grain Growers has acquired online precision agriculture firm PASource.

Management News

US: Archer-Daniels-Midland (ADM) appointed Pierre Duprat to President for Europe, Africa and India.


Bidder/Target 1: GrainCorp. / GrainCorp Malt, 2: Tradewinds Malaysia / Padiberas Nasional Bhd, 3: Felda Global Ventures / Tradewinds Malaysia, 4: NA/ Kernel Holding, 5: PT Salim Ivomas Pratama / PT Perusahaan Perkebunan London Sumatra, 6: PT Bakrie Sumatera Plantations / Agri International Resources, 7: Vertical Capacity / IOI Corp., 8: Seaport Terminal (Johor), Acara Kreatif Sdn, Kelana Ventures/Padiberas Nasional, 9: Seaport Terminal (Johor), Acara Kreatif Sdn, Kelana Ventures / Tradewinds Malaysia , 10: Bollore/ Plantations Des Terres Rouges, 11: Seaport Terminal (Johor), Acara Kreatif Sdn, Kelana Ventures / Padiberas Nasional Bhd, 12: , PT Krishna Kapital/ PT Dharma Satya Nusantara. 13: SPC Kappa Co / Kappa Create Holdings Co. 14: Private investor / LongtrueCo, 15: Post Holdings / MOM Brands Company. 16: Private investor / Longtrue Co, 17: Sime Darby Plantation Sdn / New Britain Palm Oil Ltd, 18: Associated British Foods / Illovo Sugar, 19: Canada Pension Plan Investment Board / Glencore, Agricultural Products.

Archer-Daniels-Midland Company

Wilmar International Limited

Bunge Limited

IOI Corp.Bhd

GrainCorp. Ltd.

ShanDongDenghai Seeds Co., LTD.

PT Astra Agro Lestari Tbk

First Resources Limited

Genting Plantations Berhad

KWS Saat SE

Median

Average

Median: 11.9x

Median: 9.8x

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

30.0x

35.0x

Feb-11 Feb-12 Feb-13 Feb-14 Feb-15 Feb-16

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

Apr-11 Apr-12 Apr-13 Apr-14 Apr-15 Apr-16

PwC

June 2016

2015A NTM

1 6.5x 1 2.7 x

1 .9x 8.4x

20.6x 1 7 .4x

9.0x 8.6x

1 5.3x 1 3.1 x

8.0x 7 .9x

1 4.4x 1 1 .7 x

1 6.7 x 8.9x

1 3.4x 7 .0x

1 7 .6x 1 1 .5x

14.9x 10.2x

13.3x 10.7x

2015A NTM

1 6.2x 22.2x

1 4.1 x 1 6.4x

8.9x 8.8x

8.2x 9.8x

1 3.6x 1 2.1 x

1 1 .0x 1 1 .3x

1 1 .6x 9.8x

1 6.1 x 9.8x

1 5.7 x n.a.

8.5x 7 .5x

12.6x 9.8x

12.4x 12.0x

2015A NTM

1 9.6x 1 7 .8x

1 4.2x 1 4.0x

1 9.3x 1 9.6x

20.5x 1 6.4x

1 3.6x 1 3.1 x

1 5.5x 1 4.5x

24.5x 1 2.7 x

23.4x n.a.

23.4x 21 .4x

21 .6x 1 8.9x

20.0x 16.4x

19.6x 16.5x

Viticulture Agricultural products & machineryFishery


5


Agricultural products & machinery

M&A News

US: Agricultural Co-operative Heritage and Aglandhave entered into negotiations to merge.

Ag retailers CHS Mountain West Co-op and CHS Kalispell are to merge effective 1 September, pending due diligence.

Czech Republic: Trelleborg has acquired CGS Holding, a producer of agricultural and specialty tires.

Management News

No relevant news.

Bidder/Target 1: Woodstream/Zareba Systems, 2: Ag Growth International/Mepu Oy, 3: Converted Organics/TerraSphere Systems, 4: Blount/SpeeCo, 5: Kubota/Kverneland ASA, 6: Paine & Partners/Eurodrip SA, 7: Seoul Moongo Co. / Daedong Industrial Co., 8: Danfoss/Sauer-Danfoss Inc., 9: NA/ China Farm Equipment, 10: Silverfleet Capital / Cimbria, 11: P&P Water Holding / Eurodrip S A, 12: MHR Fund Management / Titan International. 13: Private investors / Xinjiang Machinery Research, 14: Bain Capital / Yukiguni Maitake Co. 15: SHV Holdings / Nutreco NV.16: Paine & Partners / Spearhead International.

Trading multiples (EV/EBITDA)Transaction multiples (EV/EBITDA)

Transaction multiples (EV/EBITDA) Trading multiples (EV/EBITDA)Fishery

M&A News

China: China’s largest privately held agricultural company, New Hope Group, has announced it is on the market for fish-farming assets in South East Asia with US$1.5bn set aside for overseas expansion.

Norway: Marine Harvest and Deep Sea Supply have entered into a JV to build, own and operate aquaculture vessels.

Management News

Norway: Cermaq promoted Geir Molvik to CEO after the resignation of Jon Hindar.

Bidder/Target 1: Thai Union Frozen Products/MW Brands, 2: Boparan Holdings/Northern Foods, 3: Corporacion Economica Damm / Pescanova, 4: Luxempart / Pescanova, 5: OrklaBrands / Rieber & Søn, 6: Tiger Brands / Oceana Group, 7: Geveran Trading Co ./ Marine Harvest ASA, 8: Profond Holding / Marine Harvest, 9: China Fishery Group / Copeinca, 10: Geveran Trading Co. / Marine Harvest, 11: RCL Foods / Foodcorp, 12: China Fishery Group/Copeinca, 13: CFG Investment / Copeinca. 14: Hassad Food / A’Saffa Foods, 15: Marine Harvest / Havfisk ASA, 16: Oceana Group / Daybrook Fisheries, 17: Private investors / Sajo Industries, 18: Private investors / Grieg Seafood.

Charoen Pokphand Foods Public Co.

Marine Harv est ASA

PT Indofood CBP Sukses Makmur Tbk

NH Foods Limited

CALBEE, Inc.

Toy o Suisan Kaisha Ltd.

Thai Union Group Public Company

SalMar ASA

Lerøy Seafood Group Asa

Guangdong Haid Group Co., Limited

Median

Average


Viticulture

M&A News

US: E&J Gallo Winery has acquired Orin Swift Cellars.

Management News

No relevant news.


Bidder/Target 1: Advini/Laroche, 2: Nikora/JSC Teliani Valley, 3: Remgro and ZederInvestment /Capevin Holdings, 4: Kirin/Mercian, 5: SVL/Abrau-Durso, 6: Majority shareholders/Magnotta Winery, 7: Sogrape Vinho/Bodegas Lan, 8: Tempo Beverages/BarkanWine Cellars, 9: FMR Rentas Generales/Viñedos Emiliana, 10: FMR Rentas Generales/ Treasury Wine Estates, 11: Kohlberg Kravis Roberts & Co / Treasury Wine Estates, 12: Private investor/ Schlumberger, 13: Private investor/ Pincon Spirit Ltd.

Diageo plc

Pernod-Ricard SA

Brown-Forman Corporation

Constellation Brands Inc.

Yantai Changy u Pioneer Wine

Dav ide Campari - Milano SpA

Treasury Wine Estates Limited

Anhui Kouzi Distillery Co., Ltd.

Vranken Pommery Monopole

Lanson-BCC

Median

Average

Deere & Company

CNH Industrial N.V.

Kubota Corporation

AGCO Corporation

The Toro Company

Lindsay Corporation

Turk Traktor v e Ziraat Makineleri

First Tractor Co. Ltd.

Iseki & Co. Ltd.

Jain Irrigation Sy stems Limited

Median

Average

Median: 8.1x

Median: 12.2x

Median: 11.3x

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

30.0x

35.0x

40.0x

Aug-11 Aug-12 Aug-13 Aug-14 Aug-15

0.0x

5.0x

10.0x

15.0x

20.0x

Feb-12 Feb-13 Feb-14 Feb-15

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

30.0x

Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15

PwC

June 2016

6


Food trust

PwC

June 2016

1. Globalisation of food supply chains

More food is being traded across borders as business activity becomes more mobile for international food companies entering new markets and looking to source the best prices for their food products.

This is transforming the food industry as regulators, food producers, sellers and consumers demand a more consistent approach to food safety and quality standards across geographies. Risks are increasing and maintaining oversight over food supply chains is becoming more challenging.

2. Integration of supply chains

As global food trade becomes subject to more regulations, food companies are spending millions on the integration of their supply chains to improve safety, traceability and processing facilities. At the same time, governments are issuing policy and strategic announcements to encourage the integration of supply chains to assist in making improvements.

3. Scandals and increasing scrutiny

High-profile food safety and quality scandals are damaging public trust in the food industry and increasing consumers’ concerns about their food.

With the ubiquity of social media and increasing media and public interest, more food scares are turning into damaging scandals – pushing governments and food companies to improve standards.

4. Rising regulatory standards

More stringent food safety regulations with stricter policies in terms of quality standards, supervision and sanctions are being adopted by governments committed to protecting their communities. Challenges are created in meeting multi-country regulations while remaining economically competitive.

For example, the FSMA has changed the game by shifting the FDA’s regulatory focus to the prevention of food safety problems that cause illness. The FDA now has a mandate to hold everyone at each step of the supply chain accountable for adopting preventative controls to decrease the likelihood of food safety problems –raising the compliance bar for all global food companies operating in and exporting into the US.

In maturing economies governments are committed to legislating to improve food safety and confidence in locally manufactured products – reducing their people’s need for expensive imported products.

In China, several government departments previously responsible for food safety, with fragmented powers and responsibilities, have been brought under the powers of the China Food and Drug Administration. After naming food safety a top priority, the Chinese leadership now has a far greater ability to improve standards.

5. Rising regulatory standards

The growth of emerging economies is creating huge consumer markets where none existed before. Consumption power is shifting to wealthier, more demanding and newly urbanised middle classes.

This is resulting in greater expectations of safety, quality, integrity and traceability of food by consumers across emerging economies. Demand for safe and high-quality food is increasing across the world.

This year the middle class in the Asia-Pacific region will outnumber the middle classes in the US and Europe combined. And by 2030, we estimate the purchasing power of the world’s seven largest emerging economies’ – the E7 – will overtake the established economies of the G7. More people want the best and can afford to buy it.

The customer base is changing as more economies move up the value chain and become core consumer markets for global food companies – no longer core producers of cheap labour.

Food trust Food supply and integrity issues

7

Section 2 – Food trust


Why is the global food industry changing and how will it continue to evolve? Here are the top 10 changes we’re seeing.

PwC

June 2016

6. Technological and scientific breakthroughs

Scientific advances are creating a greater understanding of food health and safety and the early detection of hazards, while technological breakthroughs are helping improve standards and manage risk.

These advances are opening up opportunities for companies to gather more information about the safety and quality of their food across the supply chain. We’re using technology-enabled solutions to improve traceability and provide regulators and consumers with critical information about safety and quality.

These advances are opening up opportunities for food companies to gather more information about the safety and quality of their food across the supply chain, from farm to fork. Bespoke solutions are required to deal with the complexity of operations and give stakeholders greater confidence.

Imagine novel technologies that allow consumers to scan products on the shop floor that link to social media and cloud based devices to bring up information about its origin and journey to the customer? Or isolating the negative impacts of a product recall by using advanced monitoring, testing and traceability capabilities?

Thanks to the latest on-farm GPS mapping and crop management technologies, IT systems that support vast data gathering and reporting to the real-time analysis and monitoring for contaminants on the production line, these innovations are now a reality.

At the same time, greater technical literacy and awareness of food safety issues are increasing consumer expectations that companies should use technology to improve standards, traceability and transparency.

7. Changing food demand

Improving living standards across emerging economies are changing diets and driving growth within the food industry and the amount spent on meat and processed foods.

In emerging economies the consumption of protein is increasing as populations grow wealthier and people have a greater concern not just with the safety of their food, but with quality, choice and aesthetics.

Traceability and the demand for more choice, such as organic and halal products, are creating new standards for compliance, testing and certification across the world.

8. Empowered consumers

Consumer issues are becoming more complex and open as social media gives every customer that wants it an opportunity to share their views on the safety and quality of food products. Consumer expectations are also increasing with the growing knowledge of food safety and quality issues.

Through words, pictures and videos customers have a powerful medium on the phone in their pocket to expose food companies and create damaging food safety scandals.

Indeed, it’s not just consumers that food companies need to be concerned about; employees, activists, media and other stakeholders could all expose food companies not following best practice. As such, food companies are investing more resources in risk management and prevention.

9. From compliance to competitive advantage

The bar is rising in terms of safety and quality for global food companies wishing to gain an edge and differentiate themselves in the market.

Leading food companies are going well beyond the standards required to be compliant and setting their own independent standards and using them as a measure to control risk, production efficiency, protect brand value and create import trade barriers. Food companies can see the benefit of progressing to higher levels of compliance.

10. Population growth and food scarcity

As the world becomes more populous and prosperous, demand for food and other natural resources will rise.

Food consumption is expected to increase 35% over the next 15 years as we add another billion people to the world’s population by 2025. Agricultural production will need to increase by 70% to feed the world’s people by 2050, yet climate change and pressures on water and energy availability will impact supply.

So, how will we feed all these extra people and meet rising consumption demands in the face of increased food scarcity? Governments and food companies are urgently assessing the risks they face in food supply chains and finding alternative suppliers, producers and products. Contingency planning may involve finding alternative growing areas, making acquisitions or divestments and sourcing from new markets.

As food scarcity increases, the industry will need to remain vigilant to criminal activity that will compromise the integrity of the food supply chain through the adulteration or mislabelling of products. Food defence is growing in importance. Beyond the economic cost, estimated in 2010 by the US Grocery Manufacturers Association (GMA) to be $10 billion to $15 billion a year, food fraud can lead to serious public health risks.

Food trustFood supply and integrity issues

8

Section 2 – Food trust


Top 10 food supply and integrity changes contd…

PwC

June 2016

9


Markets update

PwC

June 2016

Macroeconomic & foreign exchange data

Section 3 – Markets update

10


Source: S&P Capital IQ

FX – Spot rates FX – Week-to-date % change

Macroeconomic indicators

Notes: Figures are the most recently reported quarterly data, as reported by the Economist Intelligence Unit by 20 May 2016 • Current data is for 2015Q4 or 2016Q1 whereavailable • Real GDP growth is calculated as % change year on year • CPI Inflation is calculated as % change year on year • Unemployment rate represents the actualunemployment as a percentage of the labour force • Industrial Production Index is calculated as % change year on year for the index • Producer Price Index in calculated as the %change year on year for the index of prices faced by firms, with the exception of Brazil whose index is based on a general prices • Exports fob in $US bn • Trade balance iscalculated as Exports fob less imports cif in $US bn • Reported currencies for Exports and Trade Balances converted to $US at most recent conversion rates at time of writing •

Note: Straight line shows historical spot prices, dotted marked line shows futures prices. Price development table is based on most actively traded futures contract.

FX – Year-to-date % changeFX – Month-to-date % change

EUR USD BRL CNY GBP

1 EUR - -2.24% -6.63% -1 .20% 8.7 9%

1 USD 2.29% - -4.49% 1 .06% 1 1 .28%

1 BRL 7 .1 0% 4.7 0% - 5.81 % 1 6.51 %

1 CNY 1 .22% -1 .05% -5.49% - 1 0.1 1 %

1 GBP -8.08% -1 0.1 4% -1 4.1 7 % -9.1 8% -

20.00

30.00

40.00

50.00

60.00

70.00

Jun-2015 Oct-2015 Feb-2016 Jun-2016 Oct-2016 Feb-2017 Jun-2017

EUR USD BRL CNY GBP

1 EUR - 1 .1 1 06 3.5564 7 .381 9 0.8354

1 USD 0.9005 - 3.2024 6.647 0 0.7 522

1 BRL 0.281 2 0.31 23 - 2.07 56 0.2349

1 CNY 0.1 355 0.1 504 0.481 8 - 0.1 1 32

1 GBP 1 .1 97 1 1 .3294 4.257 4 8.8368 -

EUR USD BRL CNY GBP

1 EUR - -0.21 % -1 1 .33% 0.84% 9.26%

1 USD 0.21 % - -1 1 .1 5% 1 .05% 9.49%

1 BRL 1 2.7 8% 1 2.54% - 1 3.7 2% 23.23%

1 CNY -0.83% -1 .04% -1 2.07 % - 8.36%

1 GBP -8.48% -8.67 % -1 8.85% -7 .7 1 % -

EUR USD BRL CNY GBP

1 EUR - 2.25% -1 7 .34% 4.69% 1 3.43%

1 USD -2.20% - -1 9.1 6% 2.38% 1 0.93%

1 BRL 20.97 % 23.7 0% - 26.64% 37 .21 %

1 CNY -4.48% -2.32% -21 .04% - 8.35%

1 GBP -1 1 .84% -9.85% -27 .1 2% -7 .7 1 % -

Crude Oil - Brent ($ per Bbl. – ICE: ^B) Gold ($ per troy oz. – COMEX: ^GC)

1,040.00

1,090.00

1,140.00

1,190.00

1,240.00

1,290.00

1,340.00


Latest price 1 ,3 2 6 .9 0 Week-to-date 5 .05 %

52-w eek low 1 ,04 9 .6 0 Month-to-date 8 .9 9 %

52-w eek high 1 ,3 2 6 .9 0 Year-to-date 2 5 .1 6 %

Dev elopm ent - Gold

Indicator Australia Brazil China Germany India Japan U.K. U.S.

Real GDP Growth (YoY) 3.0% -5.1 % 6.8% 0.7 % 7 .5% 0.0% 2.1 % 2.0%

Industrial Production Index (YoY) 1 .9% -1 1 .8% 5.9% 2.9% 0.2% -3.2% 0.8% -1 .7 %

Unemploy ment rate 5.8% 1 0.9% n/a 4.3% n/a 3.2% 5.1 % 4.9%

CPI Inflation (YoY) 1 .3% 1 0.1 % 1 .5% 0.1 % 5.3% 0.1 % 0.4% 1 .1 %

Producer Price Index (YoY) -1 .1 % -8.4% n/a -2.7 % -0.9% -3.4% -1 .0% -0.1 %

Exports ($US bn) 42.0 40.6 61 3.0 331 .8 64.5 1 7 0.4 1 06.4 352.8

Trade Balance ($US bn) -3.5 8.4 1 7 4.9 69.3 -1 9.2 3.3 -51 .1 -1 82.6

Latest price 5 1 .3 2 Week-to-date -0.5 6 %

52-w eek low 2 8 .5 5 Month-to-date 4 .3 5 %

52-w eek high 6 4 .1 4 Year-to-date 3 6 .2 4 %

Dev elopm ent - Cru de Oil

PwC

June 2016

Commodities (1/2)


11


Corn ($ per bu. – CBOT: ^C)

Oats ($ per bu. – CBOT: ^O)

Soybean Meal ($ per T – CBOT: ^SM)

Wheat ($ per bu. – CBOT: ^W)

Soybeans ($ per bu. – CBOT: ^S)

Sugar #11 ($ per lb – ICE: ^SB)



3.40

3.60

3.80

4.00

4.20

4.40

4.60

Jun-2015 Oct-2015 Feb-2016 Jun-2016 Oct-2016 Feb-2017 Jun-20174.00

4.50

5.00

5.50

6.00

6.50


8.00

8.50

9.00

9.50

10.00

10.50

11.00

11.50

12.00


250.00

270.00

290.00

310.00

330.00

350.00

370.00

390.00

410.00

430.00


Latest price 3 9 6 .4 0 Week-to-date 3 .2 3 %

52-w eek low 2 6 0.6 0 Month-to-date -1 .5 4 %

52-w eek high 4 1 8 .3 0 Year-to-date 4 9 .3 0%

Dev elopm ent - Soy bean

0.10

0.12

0.14

0.16

0.18

0.20

0.22


Latest price 0.2 1 Week-to-date 9 .4 8 %

52-w eek low 0.1 0 Month-to-date 2 0.6 1 %

52-w eek high 0.2 1 Year-to-date 3 7 .8 6 %

Dev elopm ent - Su gar

Latest price 3 .7 7 Week-to-date -3 .7 9 %

52-w eek low 3 .5 1 Month-to-date -7 .5 3 %

52-w eek high 4 .4 2 Year-to-date 5 .3 0%

Dev elopm ent - Corn

Latest price 4 .4 4 Week-to-date -4 .5 4 %


52-w eek high 6 .1 5 Year-to-date -5 .4 8 %

Dev elopm ent - Wh eat

Latest price 2 .01 Week-to-date -4 .2 3 %

52-w eek low 1 .7 8 Month-to-date 5 .2 3 %

52-w eek high 2 .7 7 Year-to-date -7 .3 7 %

Dev elopm ent - Oat s

1.70

1.90

2.10

2.30

2.50

2.70

2.90


Latest price 1 1 .4 0 Week-to-date 1 .4 2 %

52-w eek low 8 .5 5 Month-to-date 6 .1 6 %

52-w eek high 1 1 .7 8 Year-to-date 3 1 .9 5 %


PwC

June 2016

Commodities (2/2)


12


Cocoa ($ per MT – ICE: ^CC)

Rice – Rough #2 ($ per cwt. – CBOT: ^RR)

Crude Palm Kernel Oil ($ per MT – KLSE: ^QF)

Coffee – Columbian ($ per lb – ICE: ^KC)

Soybean Oil ($ per lb – CME: ^BO)

Milk – Class III ($ per lb – CME: ^DA)



2,700.00

2,800.00

2,900.00

3,000.00

3,100.00

3,200.00

3,300.00

3,400.00

3,500.00


Latest price 3 ,03 4 .00 Week-to-date -4 .7 1 %

52-w eek low 2 ,7 6 1 .00 Month-to-date 4 .05 %

52-w eek high 3 ,4 1 7 .00 Year-to-date -5 .5 1 %

Dev elopm ent - Cocoa

9.00

10.00

11.00

12.00

13.00

14.00


400.00

450.00

500.00

550.00

600.00

650.00

700.00

750.00

Jun-2015 Oct-2015 Feb-2016 Jun-2016 Oct-2016 Feb-2017 Jun-20170.12

0.13

0.14

0.15

0.16

0.17

0.18


1.10

1.15

1.20

1.25

1.30

1.35

1.40

1.45

1.50

1.55


Latest price 1 .4 4 Week-to-date 1 .08 %

52-w eek low 1 .1 2 Month-to-date 1 8 .8 9 %

52-w eek high 1 .4 4 Year-to-date 1 4 .01 %

Dev elopm ent - Coffee

Latest price 1 0.9 0 Week-to-date -1 .2 7 %


52-w eek high 1 3 .4 0 Year-to-date -7 .9 0%

Dev elopm ent - Rou gh Rice

Latest price 5 8 9 .7 5 Week-to-date -3 .8 7 %

52-w eek low 4 2 3 .2 5 Month-to-date -7 .3 8 %

52-w eek high 7 01 .2 5 Year-to-date 5 .6 0%

Dev elopm ent - Palm Oil

Latest price 0.1 5 Week-to-date 2 .5 3 %

52-w eek low 0.1 2 Month-to-date 1 8 .9 3 %

52-w eek high 0.1 7 Year-to-date 1 1 .9 3 %

Dev elopm ent - Milk

0.26

0.28

0.30

0.32

0.34

0.36


Latest price 0.3 1 Week-to-date -2 .8 8 %

52-w eek low 0.2 6 Month-to-date -2 .6 4 %

52-w eek high 0.3 5 Year-to-date 0.7 5 %


PwC

June 2016

Equity indices


13


MSCI USA

MSCI Pacific

MSCI World/Food Products (Industry Index)

MSCI Europe

MSCI BRIC

MSCI World/Retailing (Industry Group Index)


900

1,100

1,300

1,500

1,700

1,900

Jun-2011 Jun-2012 Jun-2013 Jun-2014 Jun-2015 Jun-2016

1,500

1,700

1,900

2,100

2,300

2,500

2,700


150

200

250

300

350

400


120

140

160

180

200

220

240

260


150

200

250

300

350


Latest value 1 ,9 3 7 .7 0 Week-to-date -2 .5 7 %

52-w eek low 1 ,7 3 4 .2 4 Month-to-date -2 .9 0%

52-w eek high 2 ,03 8 .5 8 Year-to-date -0.6 2 %

Dev elopm ent - MSCI USA

Latest value 1 ,3 4 7 .5 1 Week-to-date -8 .3 4 %

52-w eek low 1 ,3 05 .7 6 Month-to-date -9 .03 %

52-w eek high 1 ,7 06 .00 Year-to-date -1 1 .5 0%

Dev elopm ent - MSCI Eu rope

Latest value 2 ,1 5 9 .02 Week-to-date -3 .9 3 %

52-w eek low 1 ,9 4 2 .5 4 Month-to-date -4 .04 %

52-w eek high 2 ,5 07 .1 9 Year-to-date -6 .7 2 %

Dev elopm ent - MSCI Pacific

Latest value 2 1 9 .4 4 Week-to-date -1 .5 8 %

52-w eek low 1 8 5 .1 4 Month-to-date -0.9 1 %

52-w eek high 2 7 9 .4 1 Year-to-date -0.6 9 %

Dev elopm ent - MSCI BRIC

800

1,000

1,200

1,400

1,600

1,800

2,000

2,200


Latest value 3 06 .2 2 Week-to-date -2 .3 0%

52-w eek low 2 6 7 .3 9 Month-to-date -3 .3 0%

52-w eek high 3 2 7 .4 8 Year-to-date -3 .3 7 %

Dev elopm ent - MSCI World/Ret ailing (Indu st ry Grou p Index)

Latest value 2 4 0.6 4 Week-to-date -1 .8 5 %

52-w eek low 2 1 5 .1 6 Month-to-date 0.00%

52-w eek high 2 4 6 .9 2 Year-to-date 3 .5 8 %

Dev elopm ent - MSCI World/Food Produ ct s (Indu st ry Index)

PwC

June 2016

Section 4 – Our team

14


Credentials

Vendor due diligence for GKN identifying key drivers of investment in agriculture tractors and machinery in Europe, the US, Brazil, Russia

and China

Undertook a strategic review;

Commodity risk analysis;

buy-side assistance to Shanghai Maling for

their 50% stake in SFF

Financial advisor to Oji Holdings and

Innovation Network on their US$890m

acquisition of Carter Holt Harvey

Buy-side advisory

Advisor on acquisition of Coop Farms estate for £249m in one of the

largest land sales in Britain

Buy-side advisory

Financial due diligence for GrainCorp for their

acquisition of Allied Mills

Sale of 100% of equity in Manuka Health NZ to Pacific Equity Partners

for NZ$110m.

Sell-side advisory

Bright Sugar Co. Ltd.Acquisition of 60%

stake in Yunnan Yin More Sugar Co. Ltd

Buy-side advisory

Assisted KS Oils raise second round

US$110m of Private Equity funds

Financial advisory

Lead advisory for Marlborough Lines in

their acquisition of 80% of Yealands Estate

Buy-side advisory Buy-side advisory

Advisor to management on the sale of Provimi to

Cargill

Advisor to management of Heiploeg on its capital structure Total debt 130m

Commercial due diligence of Cimbria,

manufacturer of grain handling and seed

processing equipment on behalf of Silverfleet

Capital

Commercial due diligence of Haarslev,

one of the leading global meat rendering machinery suppliers

Financial and due diligence services on a

transaction for Syngenta

Financial Advisory

Advised DLG on acquisition of 43% stake

in Team

Financial Advisory

Sell-side advisory Financial advisory

PwC

June 2016


15


PwC was the number one global M&A advisor for 2015, achieved through a strong international network

PwC currently has approximately 480 live sale mandates and we advise on average over 300 deals globally per year

PwC M&A Ranking 2015

• Global: 1st

• Global buyouts 1st

• Europe: 1st

• European buyouts: 1st

• Iberia: 1st• Nordics: 1st • Asia-Pacific (excl. Japan): 1st • South Korea: 1st

Source: MergerMarket M&A Trend Report 2015

Deal Count

1 PwC 132

2 117

3 KPMG 113

4 EY 86

5 Nomura 83

Rank Advisor

Asia-Pacific

Deal Count

1 PwC 389

2 Goldman Sachs 349

3 Morgan Stanley 329

4 KPMG 323

5 JP Morgan 303

Rank Advisor

Global

Morgan Stanley

Deal Count

1 Goldman Sachs 253

2 Morgan Stanley 210

3 JP Morgan 198

4 Bank of America Merrill Lynch 171

15 PwC 96

Rank Advisor

Americas

Deal Count

1 PwC 262

2 Rothschild 242

3 KPMG 205

4 EY 196

5 Deloitte 175

Rank Advisor

Europe

2015

PwC

June 2016


16


Global CF leader

Stuart MckeeT: +44 20 7213 4321E: [email protected]

Argentina

Mariano TomatisT: +54 11 4850 4757E: [email protected]

Australia

Craig HeraghtyT: +61 282 661 458E: [email protected]

Ryan JordanT: +61 732 575 641E: [email protected]

Brazil

Ana MalvestioT: +55 16 2133 6624E: [email protected]

Jose RezendeT: +55 11 3674 2279E: [email protected]

Daniela CocoT: +55 19 3794 5400E: [email protected]

Canada

Clinton L. RobertsT: +1 403 509 7307E: [email protected]

CEE

Stephen OldfieldT: +44 (0) 771 038 8792E: [email protected]

China

Frank LynT: +86 10 6533 2388E: [email protected]

Gabriel WongT: +86 21 2323 2609E: [email protected]

Denmark

Thomas KrantzT: +45 3 945 3140E: [email protected]

France

Yves PelleT: +33 (0) 299 231 705E: [email protected]

Germany

Norbert NiedenhofT: +49 (0) 541 330 4330E: [email protected]

India

Ajay KakraT: +91 124 330 6029E: [email protected]

Sunjay VST: +91 124 330 6171E: [email protected]

Indonesia

Rizal SatarT: +62 21 5289 0350E: [email protected]

Ireland

Jimmy MaherT: +353 (0) 1 792 6326E: [email protected]

Japan

Matthew J WybornT: +81 (3) 3546 8570E: [email protected]

Taizo IwashimaT: +81 (3) 6266 5572E: [email protected]

MENA

Mark WebsterT: +966 (11) 211 0400 (Ext. 1555)E: [email protected]

Netherland

Ruud KokT: +31 (0) 88792 6382E: [email protected]

Guido EmanuelsT: +31 (6) 2042 0533E: [email protected]

New Zealand

Craig ArmitageT: +64 (3) 374 3052E: [email protected]

Justin LiddellT: +64 (9) 355 8330E: [email protected]

Romania

Anca ScurtescuT: +40 21 22 53 871E: [email protected]

Singapore

Richard SkinnerT: +65 9823 3771E: [email protected]

South Africa

Frans WeilbachT: +27 (21) 815 3204E: [email protected]

Switzerland

Dr. Martin FreyT: +41 58 792 15 37E: [email protected]

Ukraine

Olena VolkovaT: +38 (0) 56 733 5010E: [email protected]

UK

Mark JamesT: +44 (0) 7803 858721E: [email protected]

Thomas SengbuschT: +44 (0) 7725 069448E: [email protected]

USA

Thomas JohnsonT: +1 612 596 4846E: [email protected]

Christopher NolanT: +1 646 4717387E: [email protected]

Sean GaffneyT: +1 216 875 3275E: [email protected]

Agribusiness network Global Agribusiness Deals reportElisha NuttallE: [email protected]

PwC

June 2016


17


Global Leader

Craig ArmitageE: [email protected]

Australia

Clare PowerE: [email protected]

Andrew WilsonE: [email protected]

Christopher DaniellE: [email protected]

Rick CretharE: [email protected]

Belgium

Marc DaelmanE: [email protected]

Yogesh NayakE: [email protected]

Brazil

Ana MalvestioE: [email protected]

Daniela CocoE: [email protected]

China

Shirley XieE: [email protected]

Janice LeeE: [email protected]

Catherine BarieE: [email protected]

Michelle MengE: [email protected]

France

Baptisete BannierE: [email protected]

Kader GarnierE: [email protected]

Sabine Durand-HayesE: [email protected]

Germany

Hendrik FinkE: [email protected]

Barbara Johanna WielerE: [email protected]

Gerd BovensiepenE: [email protected]

Marcus MesserschmidtE: [email protected]

India

Ashok VarmaE: [email protected]

Ajay KakraE: [email protected]

Italy

Gianluca SacchiE: [email protected]

Japan

Kazu MiyamuraE: [email protected]

Yukinori MorishitaE: [email protected]

Yoshiaki YoneyamaE: [email protected]

Malaysia

Josephine PhanE: [email protected]

Khoon Yean Soo HooE: [email protected]

Netherlands

Hans SchooldermanE: [email protected]

Onno NillesenE: [email protected]

Tom BerendsenE: [email protected]

New Zealand

Bruce BaillieE: [email protected]

Mark BramleyE: [email protected]

Scott MitchellE: [email protected]

Richard PolsonE: [email protected]

Norway

Per RøhnebækE: [email protected]

Food Supply & Integrity Services team

Qatar

Michael FergusonE: [email protected]

Russia

Tim CloughE: [email protected]

Singapore

Julia LeongE: [email protected]

Desiree BeerenE: [email protected]

Richard SkinnerE: [email protected]

Switzerland

Michael RubleE: [email protected]

Turkey

Tumin GultekinE: [email protected]

Taiwan

Paul LiuE: [email protected]

Garry KingE: [email protected]

United Kingdom

Marco AmitranoE: [email protected]

Fran MarwoodE: [email protected]

Madeleine ThompsonE: [email protected]

United States

Sally BernsteinE: [email protected]

Kelvin HarrisE: [email protected]

Thomas Johnson

E: [email protected]

Don ReedE: [email protected]

Vietnam

Xavier PotierE: [email protected]

global agribusiness - pwc · 2016-12-01 · brazil: saputo inc, one of canada’s largest dairy...

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