Published by Global Banking & Finance Review®
Posted on August 25, 2025
2 min readLast updated: January 22, 2026
Add as preferred source on GoogleTouton is in talks to be sold to Hartree Partners, with the deal expected to close in January 2026, marking Hartree's expansion into soft commodities.
LONDON (Reuters) -French cocoa trader Touton SA said on Monday it was in exclusive talks to be sold to commodity and energy trader Hartree Partners.
The deal is expected to close in early January 2026, subject to consultation with employees' representatives, regulatory approvals and satisfaction of conditions, Touton said in a statement.
Acquiring Bordeaux-based Touton, which trades nearly 10% of the world's cocoa, would cement Hartree's expansion into soft commodities after its recent purchase of UK-based ED&F Man Commodities, a centuries-old player in sugar and coffee.
The global cocoa trade is experiencing a major shakeup as problems in West Africa - the world's top growing region - push prices to historic highs, putting pressure on independent firms like Touton, which traces its history back 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," Stephen Hendel, Founding Managing Director at Hartree, said.
Hartree is owned by investment firm Oaktree Capital Management and its founding partners - Hendel and Stephen Semlitz, both former co-heads of energy trading at Goldman Sachs, and Guy Merison, who also worked at the bank.
Oaktree had $209 billion in assets under management as of June 30, according to its website.
ING Corporate Finance M&A acted as sole financial advisor to Touton and its shareholders.
Societe Generale acted as sole financial advisor to Hartree.
(Reporting by Nigel HuntEditing by Tomasz Janowski and Susan Fenton)
Hartree Partners is in exclusive talks to acquire Touton SA.
Touton trades nearly 10% of the world's cocoa.
The deal is expected to close in early January 2026, pending approvals.
Hartree recently purchased UK-based ED&F Man Commodities.
ING Corporate Finance M&A acted as the sole financial advisor to Touton, while Societe Generale advised Hartree.
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