AWB, advised by Deutsche Bank, initially hoped to seal that deal by the end of the year, but the intense management focus on the loan book sale in recent weeks means the timetable has slipped.

There is no suggestion that Gavilon is about to walk away, but the hope is that the loan book sale will allow the talks to regain momentum. The focus of discussions remains on issues such as the level of ownership, the governance and the price.

Meanwhile, the sale of the loan book to ANZ will allow the agribusiness group to release at least $155 million of capital.

As flagged by Insider in September, ANZ was always a likely buyer, because it and Rabobank were the lenders to the $2.4 billion loan book. AWB has now agreed to refer Landmark customers to ANZ if they are interested in financial services products.

In another measure to raise cash, AWB and Elders are trying to offload their Hi-Fert fertiliser joint venture, helped by KPMG. But that process has been a challenge to complete at a decent price and is not expected to be wrapped up this year either.

Meanwhile, over at Warrnambool Cheese and Butter, it is understood that even after a 20 per cent rise to $2.64, following news of an unsolicited takeover approach, the company's shares are still trading at less than what the board deems sufficient value.

It will be interesting to see whether the suitor - possibly CHAMP Private Equity, owner of Manassen Foods - lodges a hostile bid. If so, Warrnambool, advised by Gresham, could conduct an internal auction or wait for a public bidding war among the likes of Fonterra, Murray Goulburn, Lion Nathan National Foods and Parmalat.