Australia's competition watchdog said on Wednesday it was monitoring reports about a possible merger involving agribusiness giant Cargill inc and local beef processing company Teys Group. Billionaire James Packer was in talks to sell his 51 percent stake in Australia's Teys Bros to Cargill in a deal worth about A$500 million ($499 million), The Australian Financial Review reported this week. The Australian Competition and Consumer Commission said in a statement it was monitoring the press speculation. Teys Bros was not immediately available to comment. ($1 = 1.002 Australian Dollars) (Reporting by Michael Smith; Editing by Ed Davies)
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