U.S. agricultural trader Archer Daniels Midland Co on Monday denied a report that it was bidding on Unilever Plc’s spreads business, which includes Flora and Stork margarines.
British newspaper the Times had reported that ADM was planning to make a move for part of the Unilever unit. ADM said in a statement that it was not submitting a bid.
ADM and its rivals have been investing in higher-margin businesses such as food ingredients and natural flavorings to prop up slumping results from core grain trading and processing operations. Strong margins in sweeteners and starches helped prop up ADM’s second-quarter earnings.
Shares of ADM were up 0.4 percent at $42.67 in midday trading.
By Mark Weinraub
Heineken has entered into an agreement with Sanyo Whisbih Group to take over majority ownership of the Long Chuan Zuan Co brewery in Taiwan. With this investment in local production, Heineken says it will become the first international brewer to have a brewery in the country.
Mondelēz International plans to reopen a potato chip plant, located on the outskirts of Kyiv, that was damaged in the ongoing Russia-Ukraine conflict, according to Reuters. The facility, which was closed in March after suffering serious damage, will resume production while still undergoing repairs, a company spokesperson told Reuters.
Diageo has announced it will wind down its Russian business operations over the next six months, with plans to fully withdraw by the end of the year, according to Reuters. In March, the drinks giant suspended all exports of its products to Russia as well as the manufacturing of its beers, which are brewed locally under license by third parties.