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Olam falls on profit-taking

Tags: Louis Dreyfus Commodities | Olam International

Written by Reuters   
Tuesday, 05 October 2010 11:59
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Shares of Singapore commodity firm Olam International <OLAM.SI> fell as much as 3.9% on Tuesday on profit-taking and as investors await more news on the firm’s merger talk with Louis Dreyfus.
 
At 11:08 a.m., Olam shares were trading at $3.19 on a volume of 3.6 million shares.
 
“People are beginning to see a bit of dragging from the merger talk. I don’t think there will be an immediate resolution,” said a local trader.
 
“Secondly, it’s rather high at the current level, so maybe there’s some profit-taking,” he added.
 
Based on Monday’s closing price of $3.31, Olam shares have surged around 12% since news about the merger talk broke.
 
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Olam falls on profit-taking
Tuesday, 05 October 2010

Last Updated on Tuesday, 05 October 2010 12:09