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Australia: Agribusiness Elders receives bid, nears deal

By  |  June 17, 2013

Elders, a major agricultural business in Australia, has reportedly received a bid for its rural services business and is in the process of finalizing a deal to close the sale. Elders, which is plagued by debt, has received a bid from competitor Ruralco, which has received permission from the Australian Competition and Consumer Commission to potentially buy the business. Elders has been looking to lighten its debt burden since October 2012 when it announced plans to sell its agricultural business in addition to Futuris, its automotive operations. Furutis began its sale process in August 2012. Final bidders for the agricultural business have not been disclosed, and Elders has not made an official statement as of yet regarding the sale.

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