United Malt Group Ltd said on Monday it agreed to a A$1.5-billion takeover offer from Malteries Soufflet, a branch of French agribusiness InVivo, in a deal that will likely create the world’s top malt producer. | Reuters
The deal now requires approval from Australia’s Foreign Investment Review Board as well as United Malt’s shareholders to vote in support the transaction, among other regulatory requirements.
Australia has seen increased dealmaking this year, largely in contrast to the broader Asian region where the pressure of high interest rates has led to subdued mergers and acquisitions activity. United Malt is the world’s fourth-largest commercial maltster, producing bulk malt for brewers, craft brewers, distillers and food companies. The company has processing plants in Australia, Canada, the United States and Britain.
Malteries Soufflet – one of the world’s biggest malt producers, operates 28 malt houses across Europe, Latin America, Asia and Africa. United Malt Chairman Graham Bradley said in a statement that the company’s board believed the offer appropriately reflected the value of its asset portfolio and the anticipated improvement in its near-term earnings outlook.For InVivo, the acquisition is part of its aim to become the world’s top malt producer within five years through external growth. It acquired agripeer Soufflet last year and signed an agreement in January to take over Belgian malthouse Castle Malting.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
K-pop group ENHYPEN, Pokémon team up for release of new singleK-pop idol group ENHYPEN teamed up with Pokémon to release a new single through the Pokémon Music Collective. ENHYPENxPOKEMON Pokemon_ENHYPEN PokemonMusicCollective READ:
Read more »
LJ Reyes and children's new-found life in the United StatesIn September 2021, after her break up with Paolo Contis, Kapuso actress LJ Reyes quietly left the Philippines to be with her mother and sister who are currently based in New York City. Although LJ shared photos on her Instagram account, the public got a glimpse of LJ and her children's new-found life when she conducted interviews with Boy Abunda. On their first Thanksgiving in the United States, LJ said that there were still a lot of things to be thankful and grateful for. She wrote, 'So much to be grateful for on our first Thanksgiving!' Since their arrival in the United States, LJ
Read more »
South Korea LGBT festival proceeds, bumped from prime spot by Christian groupThis year's march begins hundreds of meters from Seoul's city hall, surrounded by onlookers and anti-LGBT protesters.
Read more »
Gender group slams Makati police chiefA gender identity advocacy group called out the chief of the Makati City police, Police Col. Edward Cutiyog, for excessive force in the arrest of Awra Briguela and the subsequent public remarks Cutiyog made after the incident.
Read more »
Teachers’ group to gov’t: Grant wage hike to state workers tooThe Alliance of Concerned Teachers called on the government to likewise grant government workers a salary in crease after the minimum wage for private sector workers in Metro Manila was increased by P40 last week. | FArgosinoINQ
Read more »
Prigozhin-controlled Russian media group shuts amid mutiny falloutPatriot Media had taken a strongly nationalist, pro-Kremlin editorial line, while also providing positive coverage of Yevgeny Prigozhin and his Wagner Group.
Read more »