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  "documentTitle": "Olam International Ltd. (SGX:O32)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
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  "presentationDate": "2012-11-27 00:00:00",
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  "notes": "The slide uses a critical tone to highlight management's failure to execute on synergies and the questionable nature of their acquisitions.",
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      "kind": "callout",
      "text": "Olam jumped into a very troubled business, but one which offered the prospect of booking negative goodwill gains.",
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      "text": "Olam jumped into a very troubled business, but one which offered the prospect of booking negative goodwill gains. Management's efforts to turn around the company to date seem to have been ineffective.",
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      "text": "We find it interesting that given the synergies Olam claims when making the case for its global acquisition binge, which included buying an existing tomato paste distribution business in Africa, the Company does not plan to utilize its own sources of paste to supply its African operations upon start up.",
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      "text": "Olam's incremental acquisition of NZFSU was an easily avoidable blunder. One might conclude that Olam's rationale for buying this flawed company was to generate non cash accounting profits.",
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      "kind": "source-note",
      "text": "Source: Westcon Foods, USA Estimated Processed Tomato Supply & Inventory... Olam International, HSBC Global research... http://olamonline.com... http://www.nzfsu.co.nz...",
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      "text": "Excess inventory and write downs imply a failure to plan and execute properly.",
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      "kind": "title",
      "text": "NZFSU, Waiting for ROI 'Til the Cows Come Home?",
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