Cargill plans acquisition of Malaysian refinery
Aims to strengthen its position in financial and commodity markets.
11/08/05 Malaysia, Cargill is in talks to buy a Malaysian-based palm oil refinery for about 250 million ringgit, or $65.7 million, it was reported on Wednesday.
Cargill already owns two refineries in Malaysia and opened talks to buy Intercontinental Specialty Fats Sdn. Bhd., nine months ago, the New Straits Times said, quoting unidentified sources.
The Times said the Minneapolis-based company aims to strengthen its position in financial and commodity markets by buying Intercontinental, which is 88 percent owned by Singaporean investors and based in the Port Klang, near Kuala Lumpur.
Intercontinental is one of the world's leading producers of premium grade specialty food fats and oils, which are used to make chocolates and ice cream.
Besides its refinery business, the company also has interest in the bakery, snacks and ice cream industries.
