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Olam receives buyout offer for agri unit from Saudi investment firm
The Straits Times
|November 02, 2024
Olam Group has received a non-binding indicative offer for its remaining 64.57 per cent stake in Olam Agri from Saudi Agricultural and Livestock Investment Company (Salic), a unit of Saudi Arabia's Public Investment Fund.
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Salic currently holds a 35.4 per cent minority stake in Olam Agri after investing US$1.24 billion (S$1.6 billion) in the unit.
The deal was completed in December 2022, and was said to value Olam Agri at US$3.5 billion at the time.
On Nov 1, Olam said it is presently exploring the sale of its stake to Salic with appointed advisers.
However, it emphasised that no definitive terms or formal legal documentation have been agreed upon between the parties to date.
"There is no certainty that a sale of the company's stake in the Olam Agri business will proceed or will materialise," it added.
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