French cocoa trader Touton SA said on Monday that it was in exclusive talks to be acquired by 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 solidify Hartree's expansion into soft commodities following its recent acquisition 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 the sole financial advisor to Touton and its shareholders.

Societe Generale acted as the sole financial advisor to Hartree.