The sale of Texaco’s agribusiness unit was halted.
Texaco gave no reason for the termination of the previously announced letter of intent to sell its agribusiness operations to Cal-West Properties of Coalinga, Calif. Cal-West is owned by Irvine-based American Agri-Corp. and three large San Joaquin Valley farmers. Texaco said that it is confident that a buyer will be found for the agribusiness unit, Minnehoma Land & Farming Co., which Texaco acquired when it bought Getty Oil Co. Minnehoma’s holdings include 77,000 acres of farm and grazing land and facilities for wine processing, almond hulling and cotton ginning.
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