US agribusiness giant Cargill is reported to be close to securing a deal to acquire Archer Daniels Midland’s cocoa business.
Cargill is understood to be discussing the final details of a deal, sources have told Reuters. An announcement is expected within days.
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ADM last month confirmed it was in talks over a potential sale of its cocoa business. A spokesperson for the group said the company was evaluating “strategic options” for the unit as part of its long-term commitment to “create shareholder value”.
Neither Cargill nor ADM returned a request for comment at the time of going to press.
Cargill and ADM are the second- and third-largest cocoa grinders worldwide. Barry Callebaut took the top spot after its acquisition of Petra Foods’ cocoa ingredients business, which closed earlier this year.
See Also:
For our Deal or no deal analysis of Cargill’s purported move for ADM’s cocoa business, click here.
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