Sharechat Logo

Solid Energy names Southern Packers as preferred agri-business bidder

Thursday 4th October 2012

Text too small?

Solid Energy, the state-owned coal company, has named a group led by onion and potato exporters Southern Packers as the preferred bidder for the agribusiness division of its Biodiesel New Zealand unit.

Solid Energy announced in August it was selling the business. If the sale is successful Southern Packers will take over in November. The bidding group includes Midlands Seed, Biodiesel New Zealand's current agri-business manager.

"The consortium's bid is a going concern offer and their intention is to take the oilseed rape industry forward in New Zealand," the Christchurch-based company said in a statement.

Solid Energy is also currently considering bids for Biodiesel New Zealand's fuel division.

The review of its businesses is part of a major overhaul as Solid Energy faces a $200 million fall in revenue this year. Last month it announced it would slash total jobs by a quarter as it put the Spring Creek mine on care and maintenance and cut output at its Huntly East mine.

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:

NZ dollar stalled; US-China trade deal may be postponed
AFT Pharmaceuticals starts to hit its straps
Crown seeks US$100m from Tui operator; Prospector moving on
Pacific Edge goes back to shareholders for another $20m
Crown seeks $100m from Tui operator Tamarind
Ryman underlying annual profit may rise by up to 17%
NZ dollar eases on increasing US-China doubts, lack of news in Fed minutes
From dog tucker to top dog: economists ask how Northport can be Auckland’s best replacement
MARKET CLOSE: NZ shares rise; Metlife jumps on takeover talk
NZ dollar eases on technical factors, buoyed by higher dairy prices

IRG See IRG research reports