Corn Products International added Australasia and Europe to its empire by winning the auction for National Starch with an offer worth more than US$1.3 billion.

However, the deal was poorly received by investors, who sent shares in the corn processor down 8.5%.

Corn Products said it would become "more competitive around the world" through the purchase of National Starch, which makes ingredients for bakers and industrial users of starch, such as papermakers.

National Starch's operations in Australia, Germany, New Zealand and the UK, extend a Corn Products footprint which already extends beyond North America to Africa, Asia and South America.

"This acquisition gives us access to new markets, and improves our scale and capabilities in many of our existing global locations," Ilene Gordon, the Corn Products chairman and chief executive, said.

The deal ends months of speculation over National Starch after Akzo Nobel, a Dutch coatings and specialty chemicals company, put the business up for sale. Around five trade buyers were rumoured to be interested, with speculation centring on Archer Daniels Midland, Bunge, Cargill and Tate & Lyle as alternative suitors.

Corn Products, which was itself nearly bought by Bunge two years ago, was viewed as favourite after Gordon in April said that the group was keen on takeovers.

She added that the deal would create "long-term value" for Corn Products shareholders, releasing deal benefits of at least US$50 million a year from efficiency savings and procurement improvements.