December 15, 2014 / 11:54 PM / 3 years ago

Olam agrees to buy ADM's cocoa business

A man walks past a logo of Olam International Limited at its office in Singapore November 29, 2012. REUTERS/Edgar Su

NEW YORK (Reuters) - Olam International Ltd (OLAM.SI) will buy Archer Daniels Midland Co’s (ADM.N) cocoa business for $1.3 billion, it said on Monday, catapulting the Singapore-based commodities merchant into the top tier of the niche bean processing industry.

For ADM, the deal caps off a year-long effort to offload its chocolate and cocoa businesses. In September, it sold its smaller chocolate business to rival Cargill [CARG.UL] for $440 million.

Reporting by Josephine Mason; Editing by James Dalgleish

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