Singapore-based commodities company Olam International has succeeded in gaining more than 90% of takeover target NZ Farming Systems Uruguay, allowing it to take it private.
Olam had 90.19% of Farming Systems, enough to compulsorily acquire the rest, it says in a statement today. It offered 75 cents a share last month to mop up the 14% of Farming Systems it did not already own in its second attempt to get to 100% 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% 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 $US7.6 million and signalled plans to raise $US135 million to repay a debt to its controlling shareholder Olam.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Regional economic development, job creation and immigration key priorities for the Coalition
- Tuanz would be ‘heavily concerned’ if Spark or Vodafone made a bid for Vocus: Young
- Lewis Road sells 25% stake to Swedish-backed institutional farmland fund
- Slum developer ignores court and jams illegal homes on to residential sites
- More red ink at Fuji Xerox NZ
Most listened to
- Lewis Road ceo Peter Cullinane says Southern Pastures was the best fit of potential investors they spoke to
- Telecommunications Users Association's Craig Young says Vocus are getting ready for a familiar experience, getting sold
- Labour leader Jacinda Ardern and NZ First leader Winston Peters discuss their foreign ownership plans
- Rodney Hide, unlike the public, is unsurprised at the insanity of politics
- Jacqueline Rowarth on how food production advances have influenced our consumption habits
- NBR Radio: The best interviews, with Grant Walker — updated daily