olam-wins-lengthy-battle-for-queensland-cotton

Olam wins lengthy battle for Queensland Cotton

The Singaporean commodities company increases its offer for the third time, trumping rival bidder and shareholder Louis Dreyfus for the Australian cotton asset.

By Cherie Marriott

June 21, 2007

In what turned out to be an intense battle for a relatively small asset, Olam International of Singapore has emerged the winner in its crusade to buy Queensland Cotton. The Singaporean commodities company increased its bid for the third time yesterday, offering A$5.90 a share for the Australian cotton supplier and valuing the business at A$166 million $140 million.

The final offer was 24% higher than OlamÆs first bid of A$4.75 a share which it made back in early March, and it is five cents higher than the last offer made by rival bidder Louis Dreyfus Commodities of France. Olam and Louis Dreyfus have been locked in a battle for Queensland Cotton for the...

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