date:Dec 25, 2013
Olam International, a Singapore-based food ingredients supplier, has signed an agreement to divest up to 14.99% of its stake in New Zealand-based Open Country Dairy (OCD) to Talleys Group for NZ$46.5m.
The company currently holds a 24.99% share in OCD, while Talley's owns 55.54% stake.
In accordance with the requirements of the New Zealand Takeovers Code, the sale process will be completed through a combination of direct sale of shares and acceptance of a partial takeover offer from Talley's.