Louis Dreyfus Commodities, one of the world's biggest agricultural traders, plans to purchase a stake of about 13 percent in Namoi Cotton Co-operative Ltd in a bid to increase its footprint in the lucrative Australian market.The move, coming after a year-long effort to secure the co-op's future, is a further sign that the unprecedented volatility in cotton prices over the past four years, which caused widespread contract defaults, continues to roil the market.As part of an agreement announced late Tuesday, Namoi, one of Australia's biggest cotton grower co-operatives, will sell 14.3 million shares to Louis Dreyfus worth AU$3.65 million. That is equivalent to 13 percent of the company's share capital, according to Thomson Reuters data.At the same time, the two companies will set up a joint venture to market the co-op's output, which accounts for about quarter of Australia's annual crop.
Thomson Reuters Corporation (Thomson Reuters) is a provider of information for the world?s businesses and professionals. Shares of TRI traded higher by 0.84% or $0.25/share to $30.15. In the past year, the shares have traded as low as $26.20 and as high as $30.66. On average, 721634 shares of TRI exchange hands on a given day and today's volume is recorded at 1286393.
Thomson Reuters Corporation (Thomson Reuters) is a provider of information for the world?s businesses and professionals. Shares of TRI traded higher by 1.02% or $0.3/share to $29.69. In the past year, the shares have traded as low as $26.47 and as high as $30.25. On average, 851870 shares of TRI.TO exchange hands on a given day and today's volume is recorded at 945140.
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