Wellington, Aug 26 NZPA - Singapore-based commodity company Olam International Ltd said it has consent from the New Zealand Overseas Investment Office for its takeover offer for NZ Farming Systems Uruguay Ltd (NZFSU).

Olam said it now only needed acceptances representing 13 percent of NZFSU for its offer to be declared unconditional.

On Tuesday Olam upped its offer for NZFSU, a company which seeks to apply New Zealand farming knowledge to farms in Uruguay, to 70c a share from 55c. The higher price applies to investors who had already accepted the offer.

Olam said today that it had acceptances which, taken together with its existing holding, gave it a 37.02 percent stake.

This includes the acceptance received from Accident Compensation Corporation, the third largest shareholder after Olam and PGG Wrightson Ltd, for its entire 7.03 percent shareholding in NZFSU.

Olam's upped offer beats a 60c a share bid that Uruguyan company Union Agriculture Corp announced last week.

NZFSU has hinted at a possible third bidder.

NZFSU's shares were unchanged at 72c in morning trading.