20 Sep 2010

Olam reaches Farming Systems takeover bid target

10:52 am on 20 September 2010

Singaporean company Olam International says it has secured acceptances from more than 50% of Farming System Uruguay's shareholders, making its takeover bid unconditional.

The food giant needed at least 50.1% for the deal to be successful.

Farming Systems' board had earlier backed Olam's bid, saying it supported its shareholders selling part of their holdings, so Olam could get a majority stake.

Olam's offer of 70 cents a share remains open until Friday.