Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Olam reaches 90% of Farming Systems Uruguay

Olam reaches 90% of Farming Systems Uruguay, allowing it to take it private

Nov. 13 (BusinessDesk) - 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)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Revenue Renewal: Tax Modernisation Programme Launched

Revenue Minister Todd McClay today released the first two in a series of public consultations designed to modernise and simplify the tax system. More>>

ALSO:

Scoop Business:
NZ Puts Seven New Oil And Gas Areas Put Up For Tender

A total of seven new areas will be opened up to oil and gas exploration under its block offer tendering system, as the New Zealand government seeks to concentrate activity in a few strategically chosen areas. More>>

ALSO:

Half Full: Dairy Payouts Steady, Cash Will Be Tight

Industry body DairyNZ is advising farmers to focus on strong cashflow management as they look ahead to the 2015-16 season following Fonterra's half-year results announcement today. More>>

ALSO:

First Union: Cotton On Plans To Use “Tea Break” Law

“The Prime Minister reassured New Zealanders that ‘post the passing of this law, will you all of a sudden find thousands of workers who are denied having a tea break? The answer is absolutely not’... Cotton On is proposing to remove tea and meal breaks for workers in its safety sensitive distribution centre. How long before other major chains try and follow suit?” More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news