Singapore-based Olam International has failed in its bid to secure 100% of dairy group NZ Farming Systems Uruguay.
The company said yesterday (30 June) that it had acquired some 85.93% of the dairy group’s shares. The shareholding fell short of the 90% stake Olam need to acquire to trigger a compulsory acquisition of the remaining shares.
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Olam’s attempt to acquire NZSFU has been a protracted one, starting in July last year. The company then already owned a stake in NZSFU and it initially offered NZ$0.55 a share to acquire the 81.55% of the dairy group it did not own. A month later, Olam increased its offer to NZ$0.70 a share.
In September, Olam said it had acquired more than 50% of NZSFU’s shares and then in April this year said it had achieved a 77.89% shareholding.
The company said its total investment in NZFSU to date is $133.8m.
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By GlobalData
