10th May 2016 10:10
LONDON (Alliance News) - Associated British Foods PLC plans to sell its Chinese sugar business for USD1 billion, Bloomberg reported, citing a person familiar with the matter.
The source told Bloomberg the process was in the very early stages and there is no timetable for completion. A spokesperson for AB Foods declined to comment on the story.
This comes after AB Foods revealed last month that it is buying the remaining 48.65% of Johannesburg-listed sugar producer Illovo Sugar Ltd which it doesn't already own, for GBP262.0 million.
AB Foods, which also owns discount fashion chain Primark, has seen profit in its sugar business plummet over the past few years as European sugar prices have plunged.
http://www.bloomberg.com/news/articles/2016-05-10/ab-foods-said-in-early-stages-of-sale-of-chinese-sugar-business
Shares in AB Foods were trading down 0.8% at 3,144 pence on Tuesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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