Australian Competition Regulator Clears Louis Dreyfus' Proposed Acquisition of Namoi Cotton

MT Newswires Live08-01

The Australian Competition and Consumer Commission (ACCC) has cleared Louis Dreyfus Group's proposed acquisition of Namoi Cotton (ASX:NAM) after Louis Dreyfus and its subsidiaries agreed to divest its 20% stake in ProClass and terminate its joint venture with WANT Cotton, according to a Thursday filing to the Australian bourse.

Louis Dreyfus and Namoi supply cotton ginning, cotton lint classing, logistics and warehousing services and acquire and market cotton lint and cottonseed. Namoi owns Australian Classing Services (ACS) and LDC has a joint venture with WANT in the Northern Territory, Australia.

The ACCC was concerned the proposed acquisition would likely lessen competition in cotton ginning services in Western Australia, the filing stated.

"Without the divesture, there was a risk that ProClass and ACS would not compete with each other effectively, given the LDC Group's respective part ownership and full ownership of these businesses," ACCC Deputy Chair Mick Keogh said.

Price (AUD): $0.68, Change: $-0.01, Percent Change: -0.73%

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