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Olam unveils US$1.3b acquisition of ADM's global cocoa business

Shares plummet 3.5% on news of the purchase and amid a broad market retreat

Published Tue, Dec 16, 2014 · 09:50 PM

Singapore

SHARES in Olam International fell after the agri-commodities group announced a US$1.3 billion purchase of the global cocoa business of Archer Daniels Midland Company (ADM), which would turn it into one of the top three cocoa processors in the world.

The counter closed seven cents, or 3.5 per cent, lower at S$1.95 on Tuesday, its lowest level in nine months. Not helping was a broad retreat on the market.

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