Ospraie Buys ConAgra Unit For $2.8 Billion

Jun 24 2008 | 2:00am ET

An Ospraie Management hedge fund has bought ConAgra Foods’ commodity-trading unit.

The firm’s Special Opportunities Fund will pay about $2.8 billion for the ConAgra Trade Group, which manages grain elevators, rail cars and barges. The price—$2.2 billion in cash and $550 million in debt securities—is 29% higher than the price agreed to in March, due to an increase in the unit’s book value.

The Trade Group is to be renamed Gavilon after the sale is completed.

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