Isagro holding co approves €18 m fundraising
Indirect controller of Italian agrochemical company Piemme's holding company BasJes Holding has confirmed an €18 million ($24 million) capital increase. It is underwritten by US agrochemical firm Gowan (Yuma, Arizona). A shareholder meeting has approved the finance. BasJes was created as part of a deal for Gowan to take a major stake in Isagro following a deal agreed in July (Agrow No 670, p 4). It has indirect control of a majority stake in Isagro, and is 51% controlled by Piemme, while Gowan has the remaining 49% holding. The deal seeks to raise funds for Isagro's R&D work. The Italian authorities approved the deal earlier this month (Agrow No 674, p 5). Isagro and Gowan have signed agreements for the distribution of Isagro products in the North American and Italian markets.