Allen & Gledhill and WongPartnership have the lead roles on a proposed offer by a consortium led by Singaporean sovereign wealth fund Temasek Holdings Pte. Ltd. to acquire commodities trader Olam International Ltd. for $2 billion.

A consortium led by Breedens Investments Pte. Ltd., a wholly owned subsidiary of Temasek, has offered to buy all the remaining shares of Olam for $1.76 apiece. The consortium currently jointly owns 52.5 percent of Olam, with Temasek the largest shareholder with a 24.6 percent stake.

Singapore-listed Olam trades 20 agricultural products including cocoa, rice, coffee and cotton in 65 countries. In 2012, Olam’s stock price fell 21 percent after short seller Muddy Waters raised questions about the company’s high debt levels and investment decisions. Temasek subsequently increased its stake in Olam and backed the company in its raising of $1.2 billion through bond and warrant issues.

Allen & Gledhill is advising the Temasek-led consortium on the transaction. The firm declined to comment on the matter.

WongPartnership Singapore partners Rachel Eng, Ng Wai King, Mark Choy and Milton Toon are representing Olam.