NZ dairy draws international takeovers

  • July 20, 2010

New Zealand dairy has drawn attention from international buyers, with Singapore-based agribusiness and food ingredients group Olam International making a takeover bid for NZ Farming Systems Uruguay, and China’s Bright Food Group buying a 51% share in Synlait.

Bright Food’s NZ$82 million purchase of the Canterbury-based milk processing company will provide a source for high-quality infant and whole milk powders for Chinese consumers.

Olam has offered NZ$0.55 (A$0.44) a share for the 81.55% of NZ Farming that it does not already own, a bid worth NZ$109.6m. Second-seed shareholder PGG Wrightson, with an 11.5% stake in the company, has already accepted the offer in a ‘lock-up’ agreement.

Both deals are subject to approval by shareholders and the New Zealand Overseas Investment Office.


Bookmarks

  • Digg
  • Sphinn
  • del.icio.us
  • Facebook
  • Mixx
  • Google Bookmarks
  • Furl
  • Netvouz
  • NewsVine
  • Reddit
  • Fark
  • Propeller
  • Slashdot
  • StumbleUpon
  • Technorati

Reader Comments

Australian Food News reserves the right to edit or not publish comments of a potentially offensive or defamatory nature. Comments will not be published if name and email address has not been provided (name and email will be withheld if requested).

The opinions expressed below are those of Australian Food News readers and do not necessarily reflect those of Australian Food News.