Sharechat Logo

Dairy Trust Succeeds in Takeover of Open Country Cheese

Friday 19th September 2008

Text too small?
Dairy Trust, 44% owned by meat processor AFFCO Holdings, succeeded in its takeover offer for Open Country Cheese Co.

The company set up to challenge the milk industry dominance of Fonterra Cooperative Group said it has acceptances for 96.5% of Open Country, allowing it to compulsorily acquire the rest. The offer was due to close tomorrow.

Open Country last traded on the Unlisted market at NZ$2.73 on August 25. Dairy Trust is offering NZ$2.75 apiece for the shares it doesn't already own. The deal also involves Singapore-based agricultural products distributor Olam International, which will become the second-largest shareholder in Dairy Trust.

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.

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.

By Jonathan Underhill

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
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:

Delegat Group Limited (NZX: DGL) $333 million syndicated bank facilities
7th December 2021 Morning Report
Sky Network Television Limited (NZX: SKY) Transformation accelerates - Sky raises FY22 guidance
PGG Wrightson Limited (NZX: PGW) FY22 Operating EBITDA forecast to better last year
Vulcan Steel Limited (NZX: VSL) Trading Update & Earnings Upgrade
6th December 2021 Morning Report
Synlait Milk Limited (NZX: SML) Partnership to enhance soil health; test regen ag practices
Property for Industry Limited (NZX: PFI) Strong Valuation Outcome, Penrose Acquisition
3rd December 2021 Morning Report
Fonterra Shareholders Fund (NZX: FSF) Fonterra provides Milk Price, earnings and Q1 update