ADM-Cargill chocolate deal investigation pushed back
The European Commission last week extended its investigation of Cargill’s planned takeover of the chocolate business of Archer Daniels Midland Co. to July 23 from July 8 after the two companies requested more time. The commission on Feb. 23 said it had opened a Phase II, or more in-depth, investigation of the transaction after its Phase I, or preliminary, investigation showed potential competition concerns in the supply of industrial chocolate to customers in Germany and the United Kingdom. Minneapolis-based Cargill on Sept. 2, 2014, initially announced its plan to purchase Chicago-based ADM’s global chocolate business for $440 million. The transaction includes three ADM European chocolate plants in Liverpool, United Kingdom; Manage, Belgium; and Mannheim, Germany, as well as three ADM North American chocolate plants in Milwaukee; Hazleton, Pa.; and Georgetown, Ont.