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PM Called to Account on Future of Silver Fern Farms

PM Called to Account on Future of Silver Fern Farms

New Zealand First is calling on Prime Minister John Key to explain what is going on in the background of New Zealand-owned beef company, Silver Fern Farms.

"Mr Key is seemingly disinterested, but this is a New Zealand-owned enterprise apparently at the misery of a foreign bank and an investment firm," says New Zealand First Leader and Member of Parliament for Northland Rt Hon Winston Peters.

"New Zealand First believes Westpac has forced Silver Fern Farms into seeking equity, with Goldman Sachs appointed to raise the equity. But Silver Fern Farms is not able to negotiate with anyone other than those who Goldman Sachs choose.

"While Goldman Sachs is negotiating with the Chinese at the moment, who are keen on a $100 million stake, it will not allow Silver Fern Farms to talk to potential New Zealand buyers.

"There are New Zealand equity providers who are annoyed as they believe they can keep it New Zealand and farmer owned," says Mr Peters.


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