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Ramping up its capex
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podive
Member |
21-Jun-2007 12:16
Yells: "still learning to protect profits" |
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can someone share their views if the latest incident a good news for Olam shareholders? thanks! |
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zhuge_liang
Supreme |
21-Jun-2007 12:01
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It had raised its offer for Queensland Cotton Holdings Ltd. to A$5.90 per share. Its rival bidder, Louis Dreyfus Commodities B.V., had agreed to sell its entire 20% shareholding in Queensland. Olam's stake in Queensland will rise to 28.5% when Louis Dreyfus accepts Olam's takeover offer. |
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KiLrOy
Master |
21-Jun-2007 08:30
Yells: "I buy only what I can see." |
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Looks like it a done deal huh? http://info.sgx.com/webcorannc.nsf/ef3ba6cb188613ea482571b2003641d3/9cdef2b922c9bfa748257300007f710f?OpenDocument |
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singaporegal
Supreme |
04-Jun-2007 21:06
Yells: "Female TA nut" |
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Olam's TA charts look to be slightly bearish. |
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zhuge_liang
Supreme |
01-Jun-2007 20:42
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Louis Dreyfus Commodities B.V. raised its bid for Queensland Cotton, trumping an offer from Olam and gaining the Australian firm's backing. Dreyfus offered A$5.85 a share, valuing Queensland Cotton at A$165 million and advancing the bidding war for the company from Olam's last bid of A$5.65 a share. The new offer was 74.6% above the closing price of Queensland Cotton shares on Mar 6, the day before Olam's first bid of A$3.35. It also exceeds Queensland Cotton's net tangible assets per share at Feb 28, '07, of A$4.63. The Louis Dreyfus bid offers cash to accepting shareholders within 5 days, regardless of the number of acceptances. There are no other conditions attached to the bid, Dreyfus said. Analysts said that a bidding war for the company was not a surprise, given the attractiveness of agricultural assets. "A lot of these agricultural assets have been marked down quite sharply over the last few years but they have started to recover quite strongly, just like Queensland Cotton," said Michael Heffernan, senior client adviser and strategist at Austock Stockbroking. The battle for Queensland Cotton follows a slump in global cotton prices, but investors and traders expect prices to rebound on demand from developing countries. Australian cotton production has been depressed in recent years because of drought, and output is forecast to fall by a further 33% this year. But industry leaders see production quickly rebounding after good rainfall and say that bidders for Queensland Cotton would be looking to the medium-term. The size of Australia's cotton crop was sustainable at around 800,000 tonnes in the long-term, leaving Australia as the3rd-biggest cotton exporter in the world after the United States and Uzbekistan, Adam Kay, the CEO of industry body Cotton Australia, said this week. If the bid for Queensland Cotton failed, Olam has said it would look at different acquisitions in Australia. |
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zhuge_liang
Supreme |
28-May-2007 13:08
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Olam raised its takeover offer for Australia's Queensland Cotton to as much as A$166.5 million, beating a A$150 million rival bid from Louis Dreyfus Commodities. It said in a statement on Monday that it would pay Queensland Cotton shareholders A$5.65 a share and increase that payment to A$5.90 if it gained control of more than 75.1% of Queensland's stock. Richard Haire, CEO of Queensland Cotton, confirmed that the company was recommending the increased bid. However, if Louis Dreyfus increased its offer to outbid Olam, Queensland would switch to recommend the Dreyfus bid, he said. Olam said it set the threshold for shareholders to receive the higher 2nd tier price of A$5.90 at 75.1% of acceptances instead of 90%, enabling investors to accept the higher price regardless of Louis Dreyfus' plans regarding its 19.9% holding in Queensland. It has also extended its offer to 15/6/07. |
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zhuge_liang
Supreme |
22-May-2007 11:53
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Louis Dreyfus Commodities B.V., the world's top cotton trader, offered A$150 million (US$125 million) for Queensland Cotton Holdings Ltd. Investors pushed up Queensland shares about 7% to a 9-year high of A$5.46, well above Louis Dreyfus' offer price of A$5.31 each, amid speculation of a bidding race. The broader market was little changed. "We can't comment on that but we are having a meeting to discuss our options," said Suresh Sundararajan, Olam's GM and head of corporate affairs, when asked if Olam would make a counterbid. Louis Dreyfus' offer was 12% higher than Olam's March offer, and the board of Queensland Cotton recommended that shareholders accept the offer in the absence of a superior proposal. Olam's offer has received 13.9% acceptances. "Queensland Cotton's integrated profile and its expertise in the cotton origination supply chain will enhance Louis Dreyfus's leading strategic position," Tommy Malone, COO of Allenberg Cotton, the U.S. cotton division of Louis Dreyfus, said in a statement. "The transaction also brings us the opportunity to operate in Australia, one of the world's key source countries for high quality cotton," he said. Australia is the only major country in which Louis Dreyfus does not have a presence, and this deal would fill that gap. Also, Louis Dreyfus is only a small presence in the far west of the United States -- an area where Queensland Cotton has a significant presence. The Australian firm also deals in high-grade Pima cotton and Dreyfus does not. World cotton prices have been slipped over the past year in the face of stiff competition from low-priced synthetics and from increased availability of lower quality cotton from India, Pakistan and China. Cotton prices were trading around 50 U.S. cents per pound in recent New York trading, well down from almost 64 cents in early '06, but recovering from recent lows. Louis Dreyfus first bought into Queensland Cotton in Nov '00 and raised its holding to 19.9% last year. The offer represents a PER of 22.2x for the fiscal year ended Feb '07. The all-cash offer will be funded internally and with debt, the company said. Louis Dreyfus is ranked first in the world cotton merchandising, handling about 7 million bales of cotton every year and exporting to over 40 countries. With an annual turnover of US$2 billion, Louis Dreyfus has 16.5% of world cotton trade, the company said in a slide presentation to investors. Queensland Cotton buys and sells cotton and processes it and provides other services to the cotton industry. It also trades pulse crops. |
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zhuge_liang
Supreme |
20-May-2007 20:14
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The supplier of ingredients to companies such as Nestle SA and Kraft Foods Inc, plans to set up a business trust for its assets to improve its balance sheet, CEO Sunny Verghese said. Olam needs to have at least US$250 million of assets to set up the trust, from its $80 million size now, he said. The company is also planning more acquisitions, which would increase its asset size, he added. The trust will help Olam pursue more acquisitions to expand the business without burdening the company with debt. Olam will also be able to separate its business of selling ingredients such as nuts and cotton from the ownership of other assets. 'We still want to remain an asset light company,' Mr Verghese said in an interview in Singapore on 16/5. He declined to give details on the assets that may be included in the trust. Olam offered to buy Queensland Cotton Holdings Ltd in Mar and agreed last month to buy Universal Blanchers LLC. Olam is also looking for potential investments in sugar mills and refineries in Brazil, Thailand and Australia, along with dairy and cocoa assets, Mr Verghese said. |
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Derekzh
Member |
15-May-2007 23:35
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Olam posts 29% improvement in Q3 earnings to S$40m |
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Goodwealth
Member |
09-May-2007 00:20
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At the moment, Olam's valuation is too high.... in fact, it went up too fast. Imagine Olam trading at 60+ PE... unless Olam can guarantee a long term growth of about 60% for the next 3 years in which we have a PEG of about 1, then we can justify its high PE. Even if Olam can guarantee a LT growth of about 30%, we are still looking at a PEG of 2.... which is quite high.... I think the target price set by some of the analysts are ridiculously high.... JPMorgan has a target price above $4.... I think that analyst is crazy.... |
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LkyChan
Member |
07-May-2007 13:22
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Master Zhuge_liang, thanks for your info. From $3 a week ago till today high $4.10 .... this stock up super fast. Now is already double of Noble! |
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zhuge_liang
Supreme |
07-May-2007 11:44
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Hi LkyChan, Olam "This stock is a fund favourite," said a dealer at a local stock broker, adding that Olam's earlier sale of 100 million shares to increase its free float to 45.8% from 39.4% has raised the liquidity of the stock. |
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macdhighprob
Member |
03-May-2007 17:01
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Technical analysis on Olam and potential resistance. Click here for full article. |
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LkyChan
Member |
27-Apr-2007 13:51
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Hi Master Zhuge_liang, what do you think of the future of Olam? Tks. |
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zhuge_liang
Supreme |
27-Apr-2007 13:20
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Olam said that its founding shareholder had completed the sale of 100 million shares to investors, raising $300 million in the process. Kewalram Singapore said in a statement that it sold the shares to regional and global institutional investors at $3.00 each, the upper end of $2.88 and $3.00 each offer range. The deal will raise the Olam's free float to 45.8% from 39.4%. |
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rickytan
Veteran |
26-Apr-2007 21:59
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I noticed that this counter is very volatile..... |
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Nostradamus
Supreme |
26-Apr-2007 21:36
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UBS is offering 100 million shares in Olam International for Kewalram Singapore Ltd. in a deal worth up to $300 million, according to a term sheet for the offer. The shares will be offered to investors at between $2.88 and $3.00 each, a discount of 6% to 2% to the stock's Thursday closing price of $3.06, according to the offer document obtained by Reuters. The shares on offer are equivalent to 6.4% of the total shares outstanding. Maybe $2.88 will provide support. |
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LkyChan
Member |
25-Apr-2007 12:49
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If the Queensland bid fails, how much will the price drop? Back to $2?? |
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zhuge_liang
Supreme |
24-Apr-2007 19:00
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Olam fell over speculation that the commodity firm's proposed acquisition of Australian cotton supplier Queensland Cotton for A$142 million has hit a snag. The Australian media last week reported that the French commodities firm Louis Dreyfus, which owns 19.9% of Queensland Cotton, had informed the Queensland Cotton's board of directors of its intentions to make a counter-bid. Olam said in a statement on Monday that it has extended the offer period to May 30 from April 30. The company has received about 11% of valid acceptances for the offer thus far, Olam's head of corporate affairs Suresh Sundararajan told Reuters. Olam offered A$4.75 a share, and said it would increase the price to A$5.05 if it won acceptances for 90% of the firm. |
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zhuge_liang
Supreme |
23-Apr-2007 23:39
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Olam said it has agreed to buy Georgia-based Universal Blanchers, which supplies peanut butter and paste to snack and confectionary makers, for US$77 million. It said the purchase will allow it to expand into the U.S. peanut processing business.
UB is a market leader in outsourced peanut blanching, roasting and bulk manufacturing of peanut butter and paste in the US. UB has a 79% market share in independent blanching, a 65% market share in independent roasting and a 41% market share in independent peanut butter bulk manufacture. Olam's PER is about 49x. Valuations are looking too rich. |
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