Agria partial takeover of PGG Wrightson unconditional
Chinese firm Agria's partial takeover of PGG Wrightson, in conjunction with Chinese company New Hope and Ngai Tahu Holdings, has become unconditional and the offer is now closed.
Agria had sought to buy 38.3 percent of the shares in PGG Wrightson, to take its stake to 50.01 percent.
Latest information, published on Thursday, was that the acceptances received would take Agria's shareholding to 77.15 percent. Today Agria said the final determination of the number of shares to be bought from each shareholder who accepted the offer would be made in line with the Takeovers Code and the offer.
The New Zealand Herald reported today that Hamilton-based dairy farmer owned cooperative Livestock Improvement Corporation (LIC) had confirmed it made a $10 million loan to Agria Singapore, the subsidiary that made the partial takeover offer for PGG Wrightson.
LIC chairman Mark Dewdney said LIC's prime strategic interest was in supporting the PGG Wrightson agri-tech businesses, of seeds, agri-feeds and grain.
LIC had no plan to invest directly into the overall businesses of PGG Wrightson -- including rural supplies, real estate, livestock and finance.
Mr Dewdney said LIC's intention would only be to invest directly into a separate PGG Wrightson agri-tech business, if such a structure was ever established.