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NZX buys Australian agricultural data service ProFarmer

Thursday 30th October 2008

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NZX, operator of New Zealand's stock exchange, acquired agricultural information service ProFarmer Australia, adding to its farm products data assets and extending its overseas reach.

ProFarmer is the third such purchase for NZX, which also owns the AgriFax service in New Zealand, it said in a statement. The Australian company provides agricultural news, commodity market information and strategic grain market analysis, it said. No price was disclosed.

The acquisition "positions NZX as a leading independent agricultural data and information provide across New Zealand and in Australia," Rachael Cross, head of NZX's agricultural businesses.

NZX has been expanding beyond its stocks exchange operations to widen its revenue streams, establishing a stock trading platform in Australia and buying a 22% stake in the Bond Exchange of South Africa. The Bond Exchange this week received an unsolicited takeover offer from the Johannesburg Stock Exchange.

Shares of NZX rose 1.8% to NZ$6.11 and has dropped 8.5% in the past month.

By Jonathan Underhill

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