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Current Position:Home » News » Condiments & Ingredients » Ingredients » Topic

Olam International to divest 14.99% stake in Open Country Dairy

Zoom in font  Zoom out font Published: 2013-12-25  Views: 15
Core Tip: Olam International, a Singapore-based food ingredients supplier, has signed an agreement to divest up to 14.99% of its stake in New Zealand-based Open Country Dairy (OCD) to Talley’s Group for NZ$46.5m.
Olam International, a Singapore-based food ingredients supplier, has signed an agreement to divest up to 14.99% of its stake in New Zealand-based Open Country Dairy (OCD) to Talley’s Group for NZ$46.5m.

The company currently holds a 24.99% share in OCD, while Talley's owns 55.54% stake.

In accordance with the requirements of the New Zealand Takeovers Code, the sale process will be completed through a combination of direct sale of shares and acceptance of a partial takeover offer from Talley's.

It will provide cash for Olam, while maintaining product off-take arrangements with OCD, which plays a key role for Olam's dairy supply chain business.

Following the deal, Olam will continue to own a minimum 10% stake in OCD.

The company expects the deal to have no material financial impact on its earnings for the year ending 30 June 2014.

 
 
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