Australia's Namoi Cotton hits 7-week low as regulator flags concerns over $96.6 mln offer

Namoi Cotton

20/06/2024 02:24

** Shares of Namoi Cotton  NAM.AX  fall as much as 7.2% to
A$0.645, their lowest level since May 1
    ** Stock on track for their worst day since May 16, if
losses hold
    ** Australia's competition regulator raises competition
concerns over Singapore's Olam Agri's  IPO-OLAA.SI  A$144.9
mln($96.68 mln) takeover offer for Namoi 
    ** Regulator says proposed acquisition will reduce number of
competing ginning suppliers in lower Namoi Valley in New South
Wales
    ** Regulator says possibility of reduced competition could
result in higher prices for cotton growers in the region
    ** About 385,661 shares change hands, compared with 30-day
average trading volume of 259,756 shares 
    ** Stock up 44.8% YTD, as of last close 
   

   ($1 = 1.4988 Australian dollars)

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))