Archer Daniels Midland Co. has outbid rivals for Wild Flavors, the German maker of natural food ingredients. ADM is negotiating to buy the company for about $3.4 billion, which would make it the agribusiness giant’s biggest purchase ever, Bloomberg reports.
ADM and rival Ajinimoto Co. were among the bidders. Wild Flavors had been expected to sell for about $2 billion when reports surfaced in May that the company was in play. The buyout firm KKR has a stake in Wild Flavors.
Wild is the world’s sixth-biggest flavor provider and owns a variety of natural extracts, seasonings and colors.