Finance
Hartree in talks to buy major cocoa trader Touton, sources say
Published by Global Banking & Finance Review®
Posted on August 11, 2025
3 min readLast updated: January 22, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on August 11, 2025
3 min readLast updated: January 22, 2026
Hartree Partners is negotiating to acquire Touton, a major cocoa trader, amid rising cocoa prices due to West African supply issues.
(Refiles to fix malfunctioning hyperlink. No changes to text.)
By May Angel and Gus Trompiz
LONDON/PARIS (Reuters) -Global energy and commodities trader Hartree Partners is in talks to acquire French agro-industrial firm Touton, which trades nearly 10% of the world's cocoa, two sources with direct knowledge of the matter told Reuters.
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.
One of the sources said Touton executives discussed an acquisition deal in person with Hartree founding partner Stephen Hendel and the firm's head of investments Scott Levy about a month ago.
A second source confirmed that talks over a possible Hartree purchase of Touton had taken place, but did not give further detail.
Both sources declined to be named due to the sensitivity of the matter.
Hartree told Reuters it does not comment on what it called "market rumours". Touton did not respond to a request for comment.
Hartree entered the soft commodities space last year with the purchase of UK-based ED&F Man Commodities, a centuries-old player in sugar and coffee.
An acquisition of Touton, which trades in coffee in addition to cocoa, would cement Hartree's expansion into soft commodities.
WEST AFRICAN SHOCK FAVOURS DEEPER POCKETS
Adverse weather and disease resulted in poor harvests in leading cocoa growers Ivory Coast and Ghana last year, causing global cocoa prices to more than double. At a record high above $12,000 a metric ton, the chocolate ingredient was, for a time, more expensive than most industrial metals.
Prices remain at historically elevated levels, with trading in cocoa futures on the ICE exchange still largely illiquid and volatile following last year's exodus of hedge funds from the sector.
The exchange is now requiring those trading its cocoa futures - used as a benchmark for pricing physical beans around the world - to put up large amounts of cash as collateral against potential trading losses.
However, after some cocoa traders racked up losses of more than $1 billion on their futures contracts last year, banks are increasingly reluctant to lend to them.
"Banks now understand that cocoa and coffee are volatile," said the cocoa trading head at a global agri-commodities trade house.
Touton posted a net profit of 130 million euros ($151.53 million) in the year to March 2024, according to its most recent annual results, up from 17 million euros the year before.
The global cocoa trading head said Touton had an unusually good year, but added that banks consider it a once-off and still prefer, when it comes to cocoa, to lend to companies with deeper pockets.
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.
Four cocoa traders, including the second source with direct knowledge of the talks, said Touton CEO Patrick de Boussac is nearing retirement age and looking to cash out.
"Hartree want to buy. Touton want to sell. If the price is right, the deal will happen," said a second cocoa trading head at an agri-commodities trade major.
($1 = 0.8579 euros)
(Reporting by May Angel in London and Gus Trompiz in Paris; Editing by Joe Bavier)
Hartree Partners is in talks to acquire French agro-industrial firm Touton, which trades nearly 10% of the world's cocoa.
Problems in West Africa, including adverse weather and disease, have led to poor harvests, pushing cocoa prices to historic highs.
Touton posted a net profit of 130 million euros in the year to March 2024, significantly up from 17 million euros the previous year.
Banks are increasingly reluctant to lend to cocoa traders due to the volatility of cocoa and coffee markets, especially after some traders incurred significant losses.
Hartree Partners is owned by investment firm Oaktree Capital Management, along with its founding partners, who are former co-heads of energy trading at Goldman Sachs.
Explore more articles in the Finance category
