Australia's United Malt jumps most in over 3 mths on finalising $1 bln InVivo bid

United Malt

03/07/2023 01:39

** Shares of United Malt Group Ltd  UMG.AX  up as much as
9.3 % at A$4.81, biggest intraday jump since March 28, if gains
hold
    ** The malster says it has signed the A$1.5 billion ($999
million) takeover offer from Malteries Soufflet, a branch of
French agribusiness InVivo
    ** UMG, which spun off from Graincorp in 2020, would leave
the ASX as InVivo would become the world's top malt producer
    ** Stock hits highest since April 3
    ** Stock has risen 26.8% this year as of last close 

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))