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Olam says Ivory Coast cotton deal not complete

Wed Jun 4, 2008 11:35pm EDT

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SINGAPORE, June 5 (Reuters) - Singapore's Olam International (OLAM.SI) said on Thursday it has submitted a bid for assets belonging to Ivory Coast cotton producer La Compagnie Cotonniere Ivoirienne (LCCI) but the deal has not been completed yet.

"We can confirm that we have submitted our bids for the transaction but the transaction is not complete," said Ravi Kumar, chief financial officer of Olam.

According to an official legal notice published in an Ivory Coast government daily, Olam has bought cotton field and ginning plants from LCCI, worth just over 8 billion CFA francs ($19 million) [ID:nL03851996].

"I will not be able to confirm that number to you because it's a closed bid," he told reporters. (Re,porting by Tan Wei Xin and Yvonne Cheong, editing by Neil Chatterjee)



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