The Federal Land Development Authority, or Felda, said in March that it had obtained 81% equity interest in the world's largest crude palm oil producer at the end of the offer deadline.

Felda is "firm in its plan" to take over and privatise the plantation company, and is expected to make a fresh offer six months or more after the previous bid, the Edge Weekly reported, citing economy minister Mustapa Mohamed.

"The takeover of FGV and its privatisation will guarantee a more sustainable business model and income stream for FELDA, which is currently discussing with FGV plans to strategise FGV businesses and reorganise FGV's group structure to optimise returns for FELDA, especially for the settlers," Mustapa said, referring to the farmers.

FGV said the reported takeover efforts are a "shareholders' matter that has to be conducted within the relevant regulatory framework" and that it was not privy to such matters.

Felda did not respond to requests for comment.

FGV's independent directors in January urged investors to reject the Felda bid, saying the offer price of 1.30 ringgit ($0.31) a share was unfair. That is 8% below Friday's close of 1.41 ringgit.

FGV has seen some management changes since the failed takeover attempt. Dzulkifli Abd Wahab, a former director general of Felda, was appointed as non executive chairman. Haris Fadzilah resigned as the chief executive officer this week.

($1 = 4.1330 ringgit)

(Reporting by A. Ananthalakshmi; Editing by William Mallard and Mike Harrison)