Cargill Inc., already one of the world’s largest cocoa traders, is in the final stages of a deal to buy Archer Daniels Midland Co.’s cocoa operations, according to a Reuters report Wednesday.
The news service cited unnamed sources. The combination of the cocoa businesses of Minnetonka-based Cargill and Illinois-based ADM would create an operation rivaling that of the cocoa industry’s largest player, Switzerland-based Barry Callebaut.
Speculation over such a deal arose this summer, with unnamed sources saying it might be worth as much as $2 billion. Cargill said in a statement that it does not comment on rumors and speculation.