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Aussie Regulator Wary on Olam’s Bid for Namoi Cotton

June 20, 2024

Singapore Dollar Bonds

Olam Agri’s proposed A$144mn ($96mn) takeover bid for Naomi Cotton has worried Australian regulator, Australian Consumer and Competition Commission (ACCC), that it could reduce competition in the supply of cotton ginning services in the Lower Namoi Valley region. According to the statement released by ACCC, there would only be one alternative cotton gin in the Lower Namoi Valley region, post-acquisition, potentially leading to higher costs for growers. The regulator has invited submissions in response to its concerns by July 4. The regulator is currently looking at the risk of coordination in the cotton lint marketing sector through Olam and Louis Dreyfus’s common involvement in the Namoi Cotton Alliance and Namoi Cotton Marketing Alliance.

Olam’s bonds were trading stable with its SGD 4% 2026s at 98.1, yielding 5.21%

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