Australian bank Macquarie Group Ltd is planning on buying Cargill Inc’s global oil business, according to people familiar with the matter, marking the second energy business the global commodities trader has shed this year.
Terms of the deal have been agreed upon, but the integration could take several weeks or longer, one of the sources said.
The deal comes as Cargill has spent the past year streamlining its business amid a nearly three-year slump in global commodity prices. In January, sources said that Cargill sold its U.S. gas and power business to commodities trader and investor TrailStone Group.
A Cargill spokeswoman said the company continues to operate its U.S. gas and power business and its global oil business, but declined to comment on the acquisition by Macquarie. Macquarie also declined to comment.
Macquarie had also bid on Cargill’s gas and power business, a source said.
Privately held Cargill in January reported a higher quarterly profit, buoyed by strong results in its meats and U.S. crops business.
Many banks exited physical oil trading following the implementation of the Dodd-Frank Act’s financial reform. President Donald Trump in February signed an executive order that would scale back the act, potentially creating a better environment for banks to trade physical commodities.
By Liz Hampton, Dmitry Zhdannikov and Julia Payne
Source: Reuters
Danone has appointed Carla Hilhorst to the newly created position of senior vice president of research and innovation categories and zones, as the company looks to make science the heart of its business. Hilhorst, who brings over 30 years of experience in research and innovation, will report directly to Isabelle Esser, Danone’s chief research, innovation, quality and food safety officer.
The move, part of Pernod Ricard’s strategy to enhance its premiumisation efforts, will allow the company to focus more resources on its portfolio of premium international spirits and champagne brands that drive the growth of its business. This decision aligns with the company’s commitment to delivering sustainable value for shareholders, employees, clients and partners.
Schai – who is the current CEO of Swiss chocolate company Lindt & Sprüngli’s Australian operation – has previously worked with Aryzta from 2015-2018, where he served in roles including managing director for Asia Pacific and global strategic business lead (McDonald’s). The fast-food giant McDonald’s is one of Aryzta’s significant clients.
