Australia's Namoi Cotton falls as competition regulator raises deal concerns

Namoi Cotton

16/05/2024 01:48

** Shares of Namoi Cotton  NAM.AX  fall as much as 4% to
A$0.72, set for their worst day since Dec. 6 if losses hold 
    ** The Australian Competition and Consumer Commission (ACCC)
raises competition concerns regarding Dutch commodity merchant
Louis Dreyfus's A$138.6 million ($92.97 million) acquisition
offer for co
    ** Competition regulator says both companies supply cotton
ginning and cotton lint classing in the same country, which can
result in "higher prices or reduced service levels for ginning
services"
    ** Louis Dreyfus' rival bidder Singapore-based Olam Agri's
 IPO-OLAA.SI  latest offer values the Australian cotton producer
at A$144.9 million
    ** Stock has risen 56.3% this year, as of last close


($1 = 1.4908 Australian dollars)

 (Reporting by Sneha Kumar in Bengaluru)
 ((Sneha.Kumar@thomsonreuters.com;))