Tuesday 9th September 2008
|Text too small?|
Dairy Trust has received acceptances for 9,698,006 shares, representing 25.74% of the shares in Open Country, it said in a statement. In July, it offered NZ$2.75 a share for the 47.6% of Open Country that it didn't already own as part of a deal with Singapore-based agricultural products distributor Olam International.
Dairy Trust plans to help develop dairy processing facilities in the country's four major milk-producing regions, targeting capacity of 1.2 billion litres of milk.
The company is currently 44% owned by meat processor AFFCO Holdings Ltd. After the transaction, AFFCO's stake will reduce to 35.5%, Olam would become second-largest and Talley Group third with 17%.
Shares of Open Country trade on the Unlisted market. It last changed hands on August 25 at NZ$2.73. The shares are offered at NZ$2.70 and bid at just NZ$2.15.
The deal would give Olam a cornerstone holding in Dairy Trust, which is poised to become New Zealand's second-largest dairy processor, Olam said in a statement in July. Olam would also enter into a long-term marketing agreement for an escalating percentage of Dairy Trust's production, it said.
Fonterra, the world's largest diary products exporter, processes more than 90% of milk produced in New Zealand, and Dairy Trust is the only rival with plans to compete in milk processing on a national scale, the companies said.
No comments yet
28th October 2021 Morning Report
Wellington Drive Technologies Limited (NZX: WDT) Performs Strongly in Q3-2021
Ryman Healthcare Limited (NZX: RYM) Acquires Extensions to Two Existing Victorian Sites
Promisia Healthcare Limited (NZX: PHL) Banking Covenant Update
Pictor Limited Announces Start of US Clinical Trials for SARS-CoV-2 Serology Test
Arvida Group Limited (NZX: ARV) Opening of Rights Offer
Move Logistics Group Limited (NZX: MOV) Announces $40m Capital Raise
27th October 2021 Morning Report
The a2 Milk Company Limited (NZX: ATM) Investor Day 2021
Contact Energy Limited (NZX: CEN) Considers Green Capital Bond Offer