Select Harvests is in talks with its bankers and with Timbercorp's voluntary administrators about the possible acquisition of the failed plantation group's almond assets in Victoria.
The Australian Financial Review reports that Select, which manages all the almond orchard plantations for Timbercorp, is understood to be interested in buying out the 11,909 hectares of land on which the nuts grow.
Victoria-based Select placed its shares in a trading halt on Thursday when news of Timbercorp's administration was announced and yesterday it released a statement saying discussions with the failed group were at an early stage and it had yet to estimate the financial impact on its own business.
However, when Select shares resumed trading yesterday they were immediately dumped, ending the day down 59¢, or nearly 17 per cent, at $2.91, their lowest close in more than four months.
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