Callebaut swallows cocoa firm

Barry Callebaut, the Switzerland-based group that supplies chocolate and cocoa products to large suppliers, said yesterday it has agreed to buy Petra Foods’ cocoa ingredients business for $950m (£590m). The company said the acquisition would “help boost its presence in developing countries”. Barry Callebaut expects the cocoa market in the Asia-Pacific region to grow by five to nine per cent, and in Latin American by three to eight per cent annually.