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To: LTK007 who wrote (3983)	10/11/1998 3:20:00 PM
From: Mad2	Respond to of 18998

Max, Here's a recent press release that is fairly descriptive. The way I read it is Cargill's Hybrid Seed Unit represents the inventory of germplasm for corn as well as the R & D and Production for the same. Lots of value per dollar sales, with 4% market share (room to grow through distribution other than Cargill's). Most importantly is the fact that corn seed is used to produce a cash crop. Not the case with ABTX's turf seed and forage seed. Also I should comment that this is a German aquisition. My experience in bidding for business's with German companies is they tend to overpay by a factor of 2. This has to do with with what they percive is very favorable conditions (labor and productivity) in the USA as compared to GDR. Send me a PM if you want to discuss further as I don't think we should bore the thread with this discussion The Associated Press View Related Topics The materials in the AP file were compiled by The Associated Press. These materials may not be republished without the express written consent of The Associated Press. September 29, 1998, Tuesday, AM cycle SECTION: State and Regional LENGTH: 324 words HEADLINE: AgrEvo Acquires Cargill Hybrid Seeds North America DATELINE: MINNEAPOLIS BODY: Cargill Inc. has agreed to sell most of its North American seed assets to Hoechst Schering AgrEvo of Germany for $ 650 million. Cargill Hybrid Seeds North America produces high performance hybrid seed in the United States and Canada. With sales of $ 106 million for the fiscal year ended May 31, Cargill Hybrid Seeds has a 4 percent market share in the U.S. corn seed market. The division also produces sunflower seeds and specialty hybrids. Under the terms of the sales agreement announced Monday, Cargill farm service centers in North America will continue to market Cargill brand seeds to their farm customers. "With this highly strategic acquisition, we continue to implement our crop production strategy and have underlined our commitment to building further our business in North America, the world's largest corn seed market," said Gerhard Prante, AgrEvo chairman and chief executive. "Our combined strengths are a recipe for success," he said. The acquisition, which includes research and production facilities in 14 U.S. states and one Canadian province, is expected to close Nov. 2. Four of the facilities, employing 88 people, are in Iowa - corn research units at Belmond and Grinnell and seed corn production plants in Mount Pleasant and De Witt. Cargill will retain ownership of its Inter Mountain Canola (canola seed research and breeding business in the United States and Canada), Goertzen Seed Research (wheat seed research and breeding in the United States) and Cargill's Canadian seed distribution business, which operates as Cargill Seed. AgrEvo is a global player in biotechnology, seeds, crop protection and environmental health. AgrEvo operates in more than 70 countries with approximately 8,500 employees. Cargill, based in Minneapolis, is an international marketer, processor and distributor of agricultural, food, financial and industrial products with 80,600 employees in more than 65 countries. LANGUAGE: ENGLISH LOAD-DATE: September 29, 1998

To: LTK007 who wrote (3983)	10/11/1998 3:30:00 PM
From: Mad2	Read Replies (2) \| Respond to of 18998

Max, Just a tad more. Copyright 1998 Information Access Company, a Thomson Corporation Company IAC (SM) Newsletter Database (TM) American Health Consultants, Inc. BIOWORLD Today September 29, 1998 SECTION: No. 187, Vol. 9 LENGTH: 672 words HEADLINE: INDUSTRY CHANGES DRIVEN BY BIOTECHNOLOGY' AGREVO PAYS CARGILL $650M FOR NORTH AMERICAN SEED ASSETS By Jim Shrine Special To BioWorld Today. Cargill had a 4 percent market share of the U.S. corn seed market last year and was the market leader in sunflower seeds. The deal with AgrEvo also includes soybeans, sorghum and alfalfa. Cargill, which has been in the seeds business since the 1920s, licensed its trademark under the deal and will continue marketing its brand of seeds to farm customers for at least three years, Johnson said. * COPYRIGHT 1998 American Health Consultants Inc. LANGUAGE: ENGLISH IAC-ACC-NO: 53050775 ND LOAD-DATE: October 02, 1998