Olam: Could see some renewed interestes, after grp announced that it is expanding wood products business with $51.7m acquisition of Timber Intl from Dalhoff Larsen Grp on a cash and debt free basis, that will secure it 1.6m ha of natural hardwood forest concessions in Congo and Gabon.…
Acquisition will be funded internally and expected to be completed by mid next mth and will help grp build scale and global leadership in sustainable and certified hardwoods, and make grp one of the largest global tropical hardwoods and teak players….
Acquisition will not have any material impact on 2010 financials, but grp expect acquisition to be both value and earnings accretive from 1st full yr after consolidation. By FY2014, grp expects €80-100m steady state revenues, with Ebitda margins of 16-19%...
Technically, see resistance at $3.24, recent weeks high and support at $3.04, recent weeks low.
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