Cargill close to buying ADM's cocoa unit: sources
Cargill Inc is among the world's leading cocoa traders. The company had been in discussions with Archer Daniels Midland Co. for a deal to buy the ADM's cocoa unit. The talks had reached its final stages, said sources that were familiar with the discussion. Once the deal would push through, the acquisition of ADM's cocoa unit by Cargill would then create a global giant in the cocoa industry.
Rivals Cargill and Archer Daniels Midland had been in the last stages of finalizing the deal, said sources. This would pave the way for a second major takeover this year in the industry dominated by the two companies. The sources added that the official announcement of the deal was not yet disclosed but could be made within days after the final talks.
Financial details of the deal were left unclear although some sources said that the ADM's cocoa unit could be worth as much as USD2 billion.