The Australian Competition and Consumer Commission (ACCC) said it is monitoring reports that agribusiness giant Cargill could buy a majority stake in beef producer Teys Group.

There has been speculation that Australian billionaire James Packer is in talks to sell his 51% stake in Teys to Cargill in a deal worth around A$500m (US$502.8m).

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The ACCC said in a statement yesterday (18 January) that it is currently monitoring press speculation about the deal.

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