An Irvine company’s bid to lead what...

An Irvine company’s bid to lead what would have been the state’s largest agribusiness sale in recent years failed when financing on the deal fell through late last month.

American Agri-Corp., a 3 1/2-year-old farm management firm, had been leading a group of San Joaquin Valley agribusiness companies in the proposed purchase of the Minnehoma Land & Farming Co. from Texaco Inc. The purchase price was supposed to have been in the $200-million to $300-million range for Minnehoma’s 77,000 acres of farm and grazing land, an almond-hulling plant, a wine-processing facility and interests in cotton gins.

However, late last month, General Electric Credit Corp. in Stamford, Conn. withdrew its tentative offer to provide $106 million in financing for the sale.

Moxie Industries Inc. of Anaheim has completed the previously announced sale its Monarch franchise soft drink business to its former board chairman, Frank A. Armstrong. The purchase price was in excess of $3.5 million. Moxie president Joseph Sasenick said the company plans to concentrate on its other interests, which include vitamin and natural supplements, speciality food ingredients and chocolate beverages.

A subsidiary of Philadelphia-based Cigna Insurance has purchased seven properties, including 304 apartment units in Huntington Beach and 272 units in Anaheim, for a total of $144 million from Traweek Investment Co. of Marina Del Rey. The properties will be managed by R&B; Enterprises of Los Angeles.