Sharechat Logo

Olam reaches 90 percent of Farming Systems Uruguay

Tuesday 13th November 2012

Text too small?

Olam International, the Singapore-based commodities company, has succeeded in gaining more than 90 percent of takeover target NZ Farming Systems Uruguay, allowing it to take the company private.

Olam had 90.19 percent of Farming Systems, enough to compulsorily acquire the rest, it said in a statement today. It offered 75 cents a share last month to mop up the 14 percent of Farming Systems it didn't already own, in its second attempt to get to 100 percent of the target after taking control last year.

Shares of Farming Systems last traded at 73 cents, giving it a market value of $178 million. The stock is up about 12 percent this year.

The company first listed in December 2007 with the aim of building a dairying business based on New Zealand farming techniques in the South American country, where land was comparatively cheap and the industry relatively undeveloped.

In August it announced it had missed its guidance with a full-year loss of US$7.6 million and signalled plans to raise US$135 million to repay a debt to its controlling shareholder Olam.

BusinessDesk.co.nz



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

SML - Synlait Milk Limited - Trading Halt of Securities
AIA - Auckland Airport announces board chair changes
AIA - Auckland Airport announces board chair changes
CEN - Tauhara commissioning progress update
FPH initiates voluntary limited recall
March 28th Morning Report
KFL Celebrates 20 Years of Excellence in Investment Mgmt.
SVR - Savor FY24 Earnings Guidance & Change in Banking Partner
NZK - NZ King Salmon Investments Limited FY24 Results
March 27th Morning Report