Sector News

Olam’s $1.3 bln deal for ADM’s cocoa business hits delays

August 7, 2015
Food & Drink
Olam International Ltd’s $1.3 billion deal to acquire Archer Daniels Midland Co’s global cocoa business has been delayed for a second time, according to a U.S. regulatory filing.
 
Chicago-based ADM, one of the world’s top grain traders, expects the transaction to close in the fourth quarter this year, the company said in documents submitted to the U.S. Securities and Exchange Commission this week.
 
The deal would be the biggest ever for the Singapore-based commodities firm and catapult the company into the top tier of global suppliers to the growing chocolate business.
 
When the deal was first announced in December, ADM and Olam predicted it would be completed in the second quarter.
 
Then, Olam said in May it expected the deal to close by the end of the third quarter.
 
The closing is “subject to completion of transitional activities,” ADM spokeswoman Jackie Anderson said on Thursday. She declined to provide details.
 
ADM has received all regulatory approvals for the sale, Anderson added.
 
Olam could not immediately be reached for comment. (Reporting by Tom Polansek; Editing by Lisa Shumaker)

comments closed

Related News

September 25, 2022

Coca-Cola names new president of global ventures

Food & Drink

The Coca-Cola Co. has promoted Evguenia (Jeny) Stoichkova to president of global ventures, effective Jan. 1, 2023. Ms. Stoichkova joined Coca-Cola Bulgaria in 2004 and was most recently the president of the company’s Eurasia & Middle East division, a role she has held since 2021.

September 25, 2022

Perfect Day allies with Onego Bio to speed-up launch of animal-free eggs

Food & Drink

US-based Perfect Day, is partnering with Onego Bio, which specializes in creating animal-free eggs, aiming to accelerate the timeline to bring the eggs to the market. The business, with the use of its technology, plans to commercialize animal-free ovalbumin, the most abundant egg white protein extracted through precision fermentation.

September 25, 2022

EU fails on food waste: Report reveals bloc discards more than it imports

Food & Drink

Food waste costs the EU €143 billion per year (US$141.7 billion), with a report by Feedback EU raising the alarm of how it’s vital to reduce waste from farm to fork 50% by 2030 and the only way this will be achieved is by enforcing a mandatory directive forcing the food industry to do better and retailers to pay a tax of food waste.