French cocoa trading company Touton SA announced on Monday that it is in exclusive discussions to be acquired by commodity and energy trader Hartree Partners.
The transaction is expected to be finalized in early January 2026, pending employee consultations, regulatory approvals, and other conditions, Touton said in a statement.
Bordeaux-based Touton, which handles nearly 10% of the world’s cocoa trade, would strengthen Hartree’s move into soft commodities, following its recent acquisition of UK-based ED&F Man Commodities, a long-established player in sugar and coffee markets, according to Reuters.
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The deal comes at a time of significant disruption in the global cocoa industry, as supply challenges in West Africa, the largest cocoa-producing region, push prices to record highs and increase pressure on independent firms like Touton, which has been operating for more than 150 years.
“Touton’s legacy, market expertise, and global footprint would make it a natural fit for Hartree’s growing soft commodities platform,” said Stephen Hendel, Founding Managing Director at Hartree.
Hartree is majority-owned by Oaktree Capital Management along with its founders Hendel, Stephen Semlitz, and Guy Merison, all of whom previously held senior roles at Goldman Sachs.
According to its website, Oaktree managed $209 billion in assets as of June 30.
ING Corporate Finance M&A served as the sole financial advisor to Touton and its shareholders, while Societe Generale acted as the sole advisor to Hartree.
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Image Credit: Bloomberg
