Olam

Olam: Plans to acquire 75.2% interest in Macao Commodities Trading (MCT) which includes shareholdings in Solimar Food Ingredients (SFI) for €15m (approximately US$20m). The sale comes with the option to acquire the remaining 24.8% interest in 5 yrs time. MCT is a leading supplier of cocoa, coconut, fruits, fats and dairy products to downstream industries in the Iberian region (Spain). Solimar is a JV btwn MCT and Olam dealing with cocoa as well. Olam currently trades at 10.8x P/E. Noble is at 11.8x