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KUALA LUMPUR, April 10 - Malaysia's state-ownedpalm oil company Felda will make another offer to buyout FGVHoldings Bhd, the Edge Weekly reported on Saturday,despite a failed takeover attempt last month.
The Federal Land Development Authority, or Felda, said inMarch that it had only obtained 81% equity interest in FGV - theworld's largest crude palm oil producer - at the end of theoffer deadline.
Felda is "firm in its plan" to take over and privatise theplantation company, and is expected to make a fresh offer sixmonths or more after the previous bid, the Edge Weekly reported,citing economy minister Mustapa Mohamed.
"The takeover of FGV and its privatisation will guarantee amore sustainable business model and income stream for FELDA,which is currently discussing with FGV plans to strategise FGVbusinesses and reorganise FGV's group structure to optimisereturns for FELDA, especially for the settlers," Mustapa said,referring to the farmers.
Felda and FGV did not immediately respond to requests forcomment.
FGV's independent directors in January urged investors toreject the Felda takeover bid, saying the offer price of 1.30ringgit ($0.31) a share was unfair. That is 8% below Friday'sclose of 1.41 ringgit.
FGV has seen some management changes since the failedtakeover attempt.
Dzulkifli Abd Wahab, a former director general of Felda, wasappointed as non executive chairman. Haris Fadzilah resigned asthe chief executive officer this week.($1 = 4.1330 ringgit) REUTERS