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Allied Farmers agrees to sell wool Unit to Wool Co

Wednesday 2nd July 2008

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Allied Farmers agreed to sell its wool unit to The Wool Company, a venture set up to help boost returns for growers of the fibre.

The transaction comes after Wool Company signed a heads of agreement to buy PGG Wrightson's wool business. No price was disclosed.

The deal allows Allied Farmers "to participate as an early mover in the wool industry consolidation," said chairman John Loughlin, in a statement.

Shares of Allied Farmers were unchanged at NZ$1.30. The stock has declined from more than NZ$2 in the past 12 months.

By Jonathan Underhill

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