Namoi Cotton eyes worst week in 8 months on regulator's concerns over takeover bid

Namoi Cotton

21/06/2024 05:17

** Shares of Namoi Cotton Ltd  NAM.AX  have fallen 6.5% so
far this week
    ** Stock set for biggest weekly loss since Oct. 2, 2023
    ** Australia's competition regulator on Thurs raised
concerns over NAM's proposed acquisition by Singapore's Olam
Agri  IPO-OLAA.SI  for A$145 million ($97 million)
    ** Regulator says proposed deal will reduce number of
competing ginning suppliers in lower Namoi Valley in New South
Wales
    ** NAM stock currently down 3% at A$0.645
    ** Stock up 38.5% YTD, as of last close 
 

 (Reporting by Ayushman Ojha in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com;))