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.

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.

For our Deal or no deal analysis of Cargill’s purported move for ADM’s cocoa business, click here.

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