Olam International is on target in its takeover bid for New Zealand Farming Systems Uruguay as the deadline for the deal looms.

Late last week the company notified the stock market it had reached 46 per cent support for its 70 cents per share offer. It needs at least 50 per cent for the deal to go through.

Business commentator Brian Gaynor says the deal is as good as done, and likely to please everyone.

“Olam will get what they want, because they never set a condition of 90% ownership on the deal from the get go.

"You can assume, if New Zealand shareholders end up owning 35% of the company, that’s what they want to do.

"They all have the option of selling all of their shares, but at the end of the day, it’s a democratic process so whatever we end up with, we have to assume people have got what they wanted.”

Farming Systems shares were sitting at 69 cents on Monday morning.