Wednesday 4th May 2011 |
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Pyne Gould Corporation (PGC) says it has been paid nearly $40 million by the Chinese firm Agria as part of that company's partial takeover of its rural company PGG Wrightson.
PGC said today that it was paid $39,993,603.60 - representing the sale of 66,656,006 shares - on Monday, after Agria (Singapore) Pte scaled the acceptances for its offer.
Agria sought to buy 38.3% of the shares in PGG Wrightson - in conjunction with Chinese company New Hope and Ngai Tahu Holdings - to take its stake to 50.01%.
The acceptances received would have taken Agria's shareholding to 77.15%.
During the deal, Hamilton-based dairy farmer-owned cooperative Livestock Improvement Corporation (LIC) made a $10 million loan to Agria Singapore, to support the PGG Wrightson agri-tech businesses, of seeds, agri-feeds and grain.
LIC later said it would invest directly in a separate agri-tech business - if one was ever established - rather than in the wider Wrightson operations, which include rural supplies, real estate, livestock and finance.
NZPA
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