Jakarta firm offers to buy out $584m China Minzhong Food

A company controlled by Indonesian billionaire Anthoni Salim offered to acquire the rest of China Minzhong Food Corp in a deal valuing the Chinese company at S$786 million ($584 million).

The deal could help the tycoon exercise greater control over a food empire spanning potato chips, instant noodles and cooking oil. Full ownership of Minzhong Food could also make it easier to sell it off.

Marvellous Glory Holdings Ltd offered S$1.20 in cash for each share in Minzhong Food, according to a filing in Singapore, where Minzhong Food is listed.