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The European Commission has cleared the deal under merger rules, claiming the Cargill move poses "no significant risk to competition".
Without disclosing the purchase price, Cargill said it aims to absorb Pagnan's grain and oilseed meals, import and trading business into a newly formed subsidiary called Pagnan Commerciale.
According to the US giant, that already has starch and sweetener operations in Italy, the deal will build on existing grain trading businesses in Italy, providing particular benefits to "our agri-food customers."
The largest private firm in the US Cargill has used its hefty wallet in recent months to consolidate its position in Europe and the Pagnan clearance is the latest in a string of acquisitions.
Earlier this month Cargill marked its entry into the global pectin market, announcing a takeover deal, for an undisclosed sum, of liquidated firm Citrico, the number three citrus-peel based pectin player.
In January Cargill signed off over €76 million in investments for polyol sweeteners; with the expansion of plants in the US and Europe, including the firm's Italian Castelmassa facility.
In the same month, the US firm announced it would break ground on its first refinery in Russia, the number one vegetable oil market for the Central and Eastern European region.
