Miller Magazine Issue 108 / December 2018

23 MILLER / DECEMBER 2018 NEWS Margarita Louis-Dreyfus secures financing to buy out family Margarita Louis-Dreyfus, the Russian-born heiress who controls the eponymous agricultural commodities trading house, secured financing to buy out remaining family members and will consider strategic partnerships, Bloomberg reports. Louis-Dreyfus revealed few details about the financing deal. A company spokeswoman said the financing was “secured via a loan,” but declined to provide terms or who the lender is, citing confidentia- lity agreements. The announce- ment resolves a major question that’s been hanging over the company. The chairwoman is obligated to buy the family sta- kes by the end of the year worth about $900 million under a pre- vious arrangement, and has been squeezing the company for cash. The company spo- keswoman said Louis-Dreyfus and her family trust Akira “will meet its financial obliga- tions in compliance with calendar and payment terms,” without providing further details. The financing deal will allow LDC to implement “ambitious growth plans,” Lou- is-Dreyfus said in a statement. Margarita Louis-Dreyfus was appointed chairperson of LDC in 2011 and two ye- ars later lifted her stake in the company to 80 per cent from 65 per cent, in an effort to fulfil a pledge made to her late husband to consolidate control of the business. LDC, which shipped 81m tonnes of commodities last year, is part of a small group of trading houses that dominate global agricultural trade flows. Rivals include Cargill, another privately owned company, Archer Daniels Midland, Bunge and Glencore.