Olam Group bids A$122m for Namoi Cotton, a 16% premium over Louis Dreyfus Co.'s earlier offer.

Olam Group Ltd. has made a non-binding bid of 59 Australian cents per share, including a special dividend of 1 cent per share, to acquire Australia's largest cotton processor, Namoi Cotton Ltd., for approximately A$122 million ($81 million). The offer is 16% higher than an earlier proposal from Louis Dreyfus Co. in January. If combined with Olam's Queensland Cotton unit, the acquisition would unlock new opportunities for both businesses and Australian cotton growers.

March 21, 2024
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