Indofood may make offer for China Minzhong after Glaucus attack
China Minzhong, the Singapore-listed vegetable processor which was accused of fraudulent accounting practices last week, may attract a takeover offer from Indonesian food giant PT Indofood Sukses Makmur.
Minzhong received a letter on Monday morning from Indofood, informing the company that Indofood is "considering the possibility of making an offer for the company".
The offer, if made, is expected to be announced later on Monday. Minzhong, which grows vegetables in China for export to 26 countries, has requested a trading halt in its shares pending such an announcement.
A possible offer "is definitely a positive in the light of what's happened," Ms Kelly Teoh, market strategist at IG Markets, told Bloomberg. "It would give investors a sense of confidence."