The Australian division of American agricultural commodities giant, Cargill has confirmed that Glencore International has accepted its bid to purchase Joe White Maltings.
The deal which is reported to be worth $420m, marks Cargill's entrance into the Australian malting market and adds to the company’s impressive global portfolio of 10 malting plants throughout Europe and the Americas.
It is reported that the deal is still subject to regulatory approvals, however both parties aim to have the transaction finalised by the end of 2013, The Weekly Times Now reports.
Philippa Purser, managing director for Cargill Australia said that the move to purchase Australia’s largest malt producer represented a strong strategic fit for the business.
“We look forward to bringing our malt industry expertise and additional capital to Joe White Maltings to continue to grow the business," she said.