Olam to acquire Archer Daniel Midlands cocoa business for $1.7b

It will be fully funded in cash.

Agribusiness giant Olam has been on an acquisition spree of late. The firm today revealed that it is acquiring the global cocoa business of US firm Archer-Daniel-Midlands for a cash consideration of $1.71b (US$1.3b).

The announcement comes barely two weeks after Olam acquired US peanut sheller McCleskey Mills for $231m.

The ADM Cocoa Business comprises cocoa processing assets of ADM (excluding the industrial chocolate business), with eight processing facilities, two usines, 10 warehouses, the deZaan® brand, a global customer franchise and an experienced management team.

The acquisition is expected to be completed by June 30, 2015.

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