Cargill shows interest in Farmland Foods, $385m worth


September 15, 2003, The fight for the now defunk Farmland Industries just got interesting with US agribusiness giant Cargill admitting thier interest with a US$385m bid for the pork operations of bankrupt corporation.

Farmland is already entertaining one offer, 363.5m from US pork producer Smithfield Foods. The addition of another interested buyer will send the pork unit to auction. Which means Smithfiend which made its orginal offer in July will have to wait until mid-October for a decision. The North Carolina based company said it would review Cargill’s bid and consider how to proceed.

Cargill made the bid for Farmland Foods on Friday, the last day bids could be submitted under bankruptcy procedures.

"We're pleased to have this additional bid and look forward to a lively auction to bring more value to our creditors," Farmland spokeswoman Sherlyn Manson told Reuters.

Manson said that although an exact date has yet to be set, the auction would happen before 13 October.

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