December 28, 2012

       

Olam International has acquired 100% of NZ Farming Systems Uruguay shares at US$131 million.

This came after the commodity trader's full cash takeover offer for all of the shares of the New Zealand company it did not already own, at the market's close on November 30.

In a filing with the Singapore Exchange on Thursday (Dec 20), Olam said the company has been delisted and its ordinary shares ceased to be quoted on the NZX Main Board from the closure of business on December 6.

On November 26, Olam said it had acquired more than 90% of the shares in the New Zealand firm and had become a dominant owner under the takeover code. Olam then went on to complete the compulsory acquisition of the firm's remaining shares for NZD25.8 million (US$21.2 million).

The entire acquisition of a 100% shareholding in the firm cost Olam NZD159.6 million (US$131 million).

Separately, Olam announced on Thursday (Dec 27) that it will be holding a shareholders' meeting on January 15, 2013 in relation to its proposed rights issue of bonds and warrants to raise up to US$1.2 billion.