Louis Dreyfus says its Namoi Cotton bid fully approved (updated)

Namoi Cotton

04/09/2024 05:34

(Updates with further details and background)
       Sept 4 (Reuters) - 
    Dutch crop trader Louis Dreyfus on Wednesday said its
takeover offer for Namoi Cotton  NAM.AX  is no longer subject to
conditions, following approval from Australia's Foreign
Investment Review Board and the local competition regulator.
    The Australian Competition and Consumer Commission had in
August also given its go-ahead to the Dutch commodity trader's
buyout offer, a month after raising concerns over a similar bid
by an affiliate of Singapore's Olam Group  OLAG.SI .
        Olam Agri  IPO-OLAA.SI  and Louis Dreyfus have been
caught in a bidding war since January to takeover Namoi with
both offers raising initial competition issues. 
  
        Namoi has in the past recommended the Olam deal, which
values the Australian firm at about A$144 million ($96.49
million), slightly higher than Louis Dreyfus' A$138 million
offer.  
  
        Namoi Cotton and Olam Agri did not immediately respond
to a Reuters request for comment. 
  
        Louis Dreyfus already has a 20% stake in Namoi Cotton. 
  
        The ACCC which last month said it would not opposed the
Dreyfus bid after the Dutch trader agreed to divest a 20% stake
in cotton lint firm ProClass and end its joint venture with WANT
Cotton, continues to assess the bid by Olam Agri. 
  


($1 = 1.4923 Australian dollars)

 (Reporting by Rishav Chatterjee in Bengaluru; Editing by
Nivedita Bhattacharjee)
 ((Rishav.Chatterjee@thomsonreuters.com;))