By Ian Walker

LONDON--South Africa's Illovo Sugar Ltd. (ILV.JO) said Friday it has received no formal offer from Associated British Foods PLC (ABF.LN) for the shares the British firm doesn't already own in Illovo, with talks still at a preliminary stage.

The Durban, South Africa-based sugar producer based aid on Feb. 8 that it had received a non-binding expression of interest from AB Foods to buy the remaining shares in Illovo it doesn't already own for 20 South African Rand ($1.31) in cash a share.

AB Foods, an international food and ingredients firm, and owner of the Primark budget clothing chain, is Illovo's controlling shareholder with 51.35% of the company's shares.

Since February, Illovo has appointed Standard Bank of South Africa Ltd. and Edward Nathan Sonnenbergs Inc. as advisors on the potential deal.

AB Foods acknowledged the Illovo announcement but cautioned that there's no certainty any deal will be reached.

-Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749

(END) Dow Jones Newswires

March 18, 2016 03:47 ET (07:47 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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