The takeover: Louis Dreyfus bankers up for Namoi Cotton fight

Street Talk understands French commodities giant Louis Dreyfus has added UBS and Arnold Bloch Leibler to its roster of advisory talent in a sign the bidding could turn hostile. Singapore-based Olam, which already owns Queensland Cotton, lobbed a $122 million takeover offer in March, trumping Louis Dreyfus’s earlier bid.

Singapore-based Olam made a 59¢ a share takeover offer for the cotton processor in March, backed by Namoi’s largest shareholder Samuel Terry Asset Management. This trumped Louis Dreyfus’s earlier bid to acquire the 83 per cent of Namoi stock it does not already own for a total cash consideration of 51¢ a share in November. Samuel Terry has a 22.37 per cent stake in the company and originally backed the Louis Dreyfus bid.

Netherlands-headquartered Louis Dreyfus is one of the world’s four biggest food commodities traders with operations across Europe, Asia, South America and the United States. It’s privately held by the Louis-Dreyfus family, a name which will be familiar with Seinfeld and Veep tragics, and turned over $US25.8 billion in net sales in the first half of financial year 2023.

Namoi Cotton announced a Blackpeak Capital-led strategic review in June 2023 to “assess options to maximise value for shareholders”. The company posted a 45 per cent jump in profit before tax to $16.8 million in the first half of FY24 and $26.9 million EBITDA. Growth was driven by a return to normal conditions after a challenging 2022 season impacted by wet weather, lower-quality cotton and supply chain disruptions.

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