Food group Kerry confirmed today it is in exclusive talks with US agribusiness giant Cargill to buy its global flavours business.

The two companies are engaged in a consultation that should take between four and six weeks, Cargill said in a statement. Neither company said how much the deal might be worth.

"The group is in exclusive discussion with Cargill which may, or may not result in the group's acquisition of Cargill's global flavours business," Kerry said in a statement.

Kerry, which is the country's third biggest listed company by market capitalisation earned about two-thirds of €4.96 billion in revenues last year from its ingredients and flavours business. It employs over 20,000 people.

Cargill's flavours business employs around 700 people in production facilities in Europe, North America and Asia, working in the beverage, dairy, sweet and savoury categories.

Cargill, which employs 131,000 people in 66 countries, is one of the world's largest privately held corporations.

Agencies