Dean MAJOR DEALS SECURED WITH RABOBANK Smifh/ield Efficiency Project setfor next pnase Americas SOLAR PANELS ON RETAIL BANK BRANCH IN CALIFORNIA Americas Europe Two significant financing deals for US Food and Agribusiness (F&A) com- panies were successfully completed, thanks to the significant involve- ment of Rabobank in a top-tier role. Smithfield Foods refinanced its busi ness with the support of Rabobank in a top-tier role, and Dean Foods acquired Alpro in the first transaction completed underthe Rabobank- Rothschild cooperation. Smithfield Foods, a global integrated pork business, closed refinancing agreements in July designed to raise nearly USD 2 billion in senior secured debt capital commitments with maturities through 2012 and beyond. Rabobank North America played a top-tier role in this financing initiative through the joint efforts of the Dallas Corporate Banking office, DCM-Syndi- cations and Rabo Securities. Since 2007, Rabobank Dallas has explored with Smithfield ways to leverage the strength of Rabobank's triple A rating, global F&A commit- ment, balance sheet, and financial Rabobank N.A. has installed solar panels on its retail bank branch in Santa Maria, California, as part of its effort to implement sustainable FOODS product suite. Throughoutthe capital-raising effort finalised in July, Smithfield CEO Larry Pope noted these Rabobank attributes as being well aligned with Smithfield's inte grated pork focus, global foot-print and financial needs. Smithfield, a USD 12 billion sales company, has a track record of successful growth in the US, Mexico and Europe, and a 20-year relationship with Rabobank. A European focus was integral to the second major US financing deal, which allowed Dean Foods to re-enter the European market with its acquisi- tion of Alpro. Dean Foods, a leading US food and beverage company, acquired 100 percent of Alpro in June for approximately EUR 325 million, with Rabobank and Rothschild acting jointly as financial advisors. Alpro is the European leader in branded soy- based drinks and foods, and the deal will allow Dean Foods to expand its soy products to Europe. business practices, both externally and internally. The branch in Santa Maria is the first to be retrofitted with solar panels, and the goal is for all future retail branches that Rabobank builds in California to feature 'green' infrastructure and operating elements. The European Efficiency Project has completed an ambitious first stage and is poised to enter its next phase. The project aims to improve cost/income ratio in Europe through better use of resources and systems, and by aligning booking and reporting policies. The Efficiency Project was launched in November 2008, following approval by the Managing Board of Rabobank International (MBRI). lts first phase focused on the four European branches - Paris, Milan, Frankfurt and Madrid - that operate the Flexcube back office system. Phase two of the Efficiency Project will concentrate on transferring the London and Antwerp corporate lending books from their local systems into Flexcube. This is scheduled for the second half of 2009 and first half of 2010. Former Regional Manager Europe and MBRI member Rutger Schellens said: 'The branches affected by the Efficiency Project have expressed their overall satisfac- tion with the services provided by the European Service Centre (ESC). So far, the project has delivered on all its commitments, despite the tight deadlines and complex- ity of the tasks involved." The process of stabilisation in the ESC will continue during 2009, with the focus on building synergies and preparing for the migration of additional branches and offices. As well as shorter-term gains, the project will bring long-term benefits, according to Fernando Fernandez de Santaella, Efficiency Project Implementation Manager. Fernando said: "By shifting the focus of Europe's branches away from administration to business development and the pan-European Food and Agribusiness strategy, we're creating the right environment in which to generate increased cross-sell and improved profitability." issue 2i THE WORD 5

Rabobank Bronnenarchief

blad 'RI The Word / The Word' (EN) | 2009 | | pagina 5