AWB spokesman Peter McBride confirmed the company was still in negotiations with an unnamed business over a potential sale of AWB Geneva and a joint venture in the Australian commodities management business.

“The proposal would enhance the competitive position of our commodities management business within a deregulated environment and improve value proposition for customers,” he said.

However, Mr McBride said a deal would only be done at the right price.

“AWB’s domestic and international businesses have a solid track record and if a sufficiently attractive transaction is not agreed, AWB will retain and enhance these two strong operations on a stand alone basis,” he said.

It is not known whether the terms remain the same as when Gavilon was first publicly mooted as a suitor for AWB, when the deal was reported to be a complete buy-out of AWB Geneva and a 60pc stake in the Australian commodities business.

The Australian Financial Review speculated that if the Gavilon investment went through, it would leave the Landmark arm of the AWB business ripe for takeover, nominating Viterra, which last year took over ABB, as a possible candidate.

Viterra officials have publicly stated that they wish to bolster the company’s Australian rural services division.

It is believed AWB will find out about the Gavilon deal within the next two months.

Meanwhile, Mr McBride hosed down rumours surrounding the departure of several staff from AWB’s Geneva office.

He confirmed that ‘a couple’ of staff had left of their own accord over the past couple of months, but said there was nothing more to it.

Rumours had been circling that the departing staff would be setting up in opposition to AWB, either in a start-up business or with an established trader.

Gavilon is known to many within the Australian grains industry due to its previous incarnation as ConAgra, which established a presence in Australia in the 1990s.