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

November 28, 2021

“Free from” trends take on myriad of meanings as health and environmental concerns come into sharper focus

Food & Drink

Free-from is becoming much more mainstream, moving beyond food allergens and intolerances. While it’s still vital to innovate products for lactose intolerance, gluten allergies and so forth, the umbrella term of free-from has taken on many different meanings.

November 28, 2021

Arla Foods Ingredients unveils milk fractionation tech for infant, sports and medical nutrition

Food & Drink

Arla Foods Ingredients (AFI) is targeting infant formula, sports nutrition and medical nutrition with its new patented milk fractionation technology that separates milk proteins from whey, bypassing the need to make cheese. The Denmark-based company says this move enables scientists, nutritionists and health professionals to create “next-generation” dairy products.

November 28, 2021

Oatly opens first Chinese production facility

Food & Drink

Located in Ma’anshan, Anhui province, the facility has the potential to produce an estimated 150 million litres of oat-based products annually at full capacity. The opening comes just a few months after Oatly – which claims to have established a new Chinese character for ‘plant-based milk’ – inaugurated its first Asian factory in Singapore.

Send this to a friend