Barry Callebaut News
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Singapore-based Petra Foods Ltd. said its cocoa processing plants are still operating before a proposed acquisition by Barry Callebaut AG, the world’s biggest maker of bulk chocolate and a supplier to Nestle SA.
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The cost of cocoa butter relative to bean prices rebounded in Europe in the past six weeks as demand improved and processors adjusted to lower powder prices, according to three traders with direct knowledge of the sales.
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Swiss stocks rose, rebounding from last week’s decline, as investors waited for Alcoa Inc. to kick off the U.S. earnings season, and a report showed German industrial output rose more than forecast in February.
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Cocoa processing in North America probably fell during the first quarter amid sluggish economic growth and as more chocolate makers operate plants in African and Asian countries that grow the beans, a survey showed.
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Barry Callebaut AG, the largest maker of bulk chocolate, agreed to buy Singapore-based Petra Foods Ltd.’s cocoa-ingredients unit for $950 million to expand processing capacity and boost sales in Asia.
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Cocoa processing in Europe, the world’s biggest consuming region, probably dropped for a fifth consecutive quarter after some factories stopped reporting while others operated at slower rates.
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Cocoa prices will trade on the low side of the “well-settled range” of the past 12 months in the short term, according to Barry Callebaut AG, the world’s largest maker of bulk chocolate.
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Cocoa prices, which averaged about $2,328 a metric ton this year, will trade sideways in the season that started last month, according to chocolate makers Barry Callebaut AG and Mondelez International Inc.
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Barry Callebaut AG , the world’s largest maker of bulk chocolate, said first-half profit rose, helped by sales in emerging markets such as China and India.
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Barry Callebaut AG rose the most in more than two months in Zurich trading after signing an agreement to supply Unilever with 70 percent of its cocoa and chocolate requirements.
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