Olam International, a Singapore-based commodity producer and trader, plans to make an offer for all the shares in NZ Farming Systems Uruguay Ltd. it doesn’t already own.

Olam is offering 55 New Zealand cents a share, valuing NZ Farming at NZ$134 million ($93 million), according to a filing with the New Zealand stock exchange. NZ Farming, which is based in New Zealand and owns dairy farms in South America, traded at 41 cents on July 16.

Olam owns 18.5% of NZ Farming and today agreed to buy 28.1 million shares from PGG Wrightson, giving it a 30% stake. There are no other significant shareholders.

Olam last month announced plans to buy ConAgra Foods Inc.’s dehydrated and vegetable products business for US$250 million ($344 million), and said it still has US$1 billion to spend on acquisitions and investments. It first bought NZ Farming shares in September to strengthen its position in dairying.

In 2008, it paid about US$69 million for a 25% stake in New Zealand milk processor Dairy Trust.

NZ Farming is converting beef farms to dairying and had a US$45.9 million ($63.3 million) loss in the year to June 30, 2009, as milk prices fell and it wrote down the value of livestock and farms. The loss narrowed to US$7 million in the six months ended Dec 31 as prices improved, it said in February.