Friday 19th September 2008
|Text too small?|
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.
No comments yet
New Zealand Rural Land Company Limited (NZX: NZL) Agreement to acquire large scale dairy asset portfolio
EROAD Limited (NZX: ERD) launches Clarity Solo Dashcam
22nd October 2021 Morning Report
Pictor ready to roll out game-changing COVID antibody test in New Zealand
Scott Technology Limited (NZX: SCT) Announces FY21 Results
21st October 2021 Morning Report
Greenfern Industries Limited (NZX: GFI) L&Q Notice
TruScreen Group Limited (NZX: TRU) Clinical Trial Results Highlight Efficacy of TRU Technology
20th October 2021 Morning Report
Freightways Limited (NZX: FRE) Acquisition of ProducePronto