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SINGAPORE commodities firm Olam International will buy a 24.99-per cent stake in New Zealand dairy processor Dairy Trust for NZ$101.1 million (S$103.6 million), Olam said.
The purchase would expand Olam's source of dairy products in Oceania and the United States, the firm said on Tuesday, adding that it wanted to raise its stake to 30 per cent if it gets the approval from authorities.
Under the deal, Olam will buy the stake in Dairy Trust and in turn sell its 19.9-per cent stake in New Zealand's cheese maker Open Country Cheese to Dairy Trust, Olam said.
Olam said on July 2 it would not bid for Australian food producer Dairy Farmers, but would hunt for other investment opportunities in the dairy business in New Zealand and Australia.
Olam this month entered a joint venture with Singapore's palm oil firm Wilmar to buy a 20-per cent stake in PureCircle, a leading natural sweeteners producer, for US$106.2 million (S$144.6 million). -- REUTERS
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