Saudi Arabia Submits Bid to Take Over $4 Billion Olam Agri Unit

Olam Group Ltd. received a non-binding offer from a state-owned Saudi investment firm for its agribusiness unit, according to a statement Friday, confirming an earlier Bloomberg News report.

“The company is reviewing and in discussions regarding a potential sale of its stake in the Olam Agri business,” Olam said. “No definitive terms or formal legal documentation have been agreed upon.”

Citing people familiar with the matter, Bloomberg had reported that Saudi Agricultural & Livestock Investment Co., controlled by the country’s sovereign wealth fund, was in advanced talks on a transaction that would value Olam Agri Holdings at about $4 ...