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Australian almonds bought out

A Singaporean buyout of Timbercorp’s almond acreage could signal the future for its other horticultural operations

Australian almonds bought out

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Singapore’s Olam International bought 8,096ha of Timbercorp’s almonds for just A$128m a fortnight ago, including about A$100m worth of water allocations.

That figure was significantly short of the A$275m the plantations were valued at last year, reported the Weekly Times Now.

A similar fate may be in store for Timbercorp’s remaining horticultural assets; another 4,000ha of almonds, 1,300ha of citrus, 5,177ha of olives and 412ha of table grapes.

Australian commentators have labelled the foreign sale a disaster, although Timbercorp administrators KordaMentha have called it a success.

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