KUALA LUMPUR, Oct 18 (Bernama) -- IOI Corporation Bhd is looking atopportunities to acquire Unilever oil palm estates in Malaysia, said itsexecutive chairman Tan Sri Lee Shin Cheng Friday."We have not started any negotiation but we are at the stage of doing aninternal assessment," he told reporters after the company's annual generalmeeting here.

Unilever was said to have put up for sale its Malaysian oil palm estateswhich are located in Sabah and Johor, totalling 21,700 ha and valued atRM500 million.

On Aug 30, the plantation-based company entered into a share and businesssale agreement with Unilever to acquire the entire business of LodersCroklaan for euro 217 million or RM814 million.

Backed with shareholders' funds of about RM3 billion and total assets ofmore than RM5.5 billion, IOI will acquire Loders Croklaan and its relatedbusiness located in the US, Canada and Egypt.

Loders Croklaan, established in 1891, is one of the world's leadingsuppliers of speciality oils and fats to the food sector. Apart from itscore snack ingredients business, it has also developed potentially highgrowth area of nutritional lipid.

"The acquisition is expected to be completed by end-November this year andwill be financed via borrowings," said the group executive director,finance and corporate affairs, Datuk Yeo How.

Upon completion of the acquisition, IOI will issue euro and US$ bonds butYeo refused to elaborate.

-- BERNAMA