AUSTRALIA: Singapore group in US$104m bid for Queensland Cotton
Queensland Cotton, Australia's oldest and largest cotton producer, has received a friendly AUD134m (US$104.2m) takeover bid from Singapore-based agricultural group Olam.
Olam is one of the world's top five cotton companies with a presence in all key cotton exporting countries except Australia, and the board of Queensland Cotton has recommended that shareholders accept Olam's offer.
Olam chief executive Sunny Verghese says the company plans to use Queensland Cotton as a springboard to expand into other agricultural commodities in Australia.
Queensland Cotton has forecast a sharp drop in annual earnings for 2007, with the effects of the Australian drought cutting profit to AUD2-4m, down from the AUD13.1m posted in 2005/06.
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The end is in sight in the long-running battle to buy Queensland Cotton Holdings Ltd after Singapore's Olam International Ltd said it had won control over more than 90% of the company's shares....
Belgium cotton trader Louis Dreyfus has withdrawn its takeover bid for Queensland Cotton, having been trumped by a superior bid from Singapore-based Olam International last week....
Singapore-based Olam International is widely considered to have won the battle for Australian cotton seller Queensland Cotton with a bid worth AUD$166m ($139m)....
Australian cotton firm Queensland Cotton has received an increased offer from Belgian bidder Louis Dreyfus of AUD$5.85 cash per share, up from AUD5.31....
Singapore cotton firm Olam International is seeking an AUD$1.34m (US$1.1m) break fee from Queensland Cotton after having its takeover bid for the Australian company trumped by Louis Dreyfus....
Belgian-based commodities supplier Louis Dreyfus has tabled an AUD$5.31 (US$4.36) per share takeover offer for Queensland Cotton, in the latest twist in its takeover battle with Olam International for...
Queensland Cotton's operating profit before tax has nearly halved to AUD$9.74m (US$8.07m) for the financial year ended 28 February 2007, down from $18.97m, reflecting an ongoing drought in Australia....
Olam Australia has extended the period of its recommended offer to acquire Queensland Cotton for AUD$134m (US$111.7m), in the midst of approaches for the Australian cotton producer from Louis Dreyfus ...
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