Singapore's Olam ends talks with French rival
Singapore-based commodities trader Olam International announced on Monday that talks with French rival Louis Dreyfus Commodities about a possible business collaboration have ended.
"The discussions have petered out ... they have ceased. We both gave it our best shot but decided to pursue our independent futures," Olam chief executive Sunny Verghese said at a results briefing in Singapore, Dow Jones Newswires reported.
Olam, a leading global supplier of agricultural products and food ingredients, buys its supplies, such as rice and cocoa, from producing countries before selling on to more than 4,000 customers in over 60 markets.
The company told shareholders in September last year that "it had engaged in preliminary confidential discussions with Louis Dreyfus Commodities in relation to a possible business collaboration which may take the form of, among others, a merger."
© 2011 AFP