NEW YORK (Reuters) - Olam International Ltd will buy Archer Daniels Midland Co's cocoa business for $1.3 billion, it said on Monday, catapulting the Singapore-based commodities merchant into the top tier of the niche bean processing industry.
For ADM, the deal caps off a year-long effort to offload its chocolate and cocoa businesses. In September, it sold its smaller chocolate business to rival Cargill [CARG.UL] for $440 million.
(Reporting by Josephine Mason; Editing by James Dalgleish)
