Singaporean food chain giant Olam International has passed the 50% threshold in its bid to gain control of NZ Farming Systems Uruguay.In July, Olam announced a 55c a share offer in its quest to increase its stake in the dairy farm development company. Thi
Singaporean food chain giant Olam International has passed the 50% threshold in its bid to gain control of NZ Farming Systems Uruguay.
In July, Olam announced a 55c a share offer in its quest to increase its stake in the dairy farm development company. This offer was increased to 70c following an indication from Uruguay-based Union Agriculture Group that it would pay 60c a share.
Now Olam’s stake has climbed above 50%, it has declared its offer unconditional and open for acceptance by shareholders until September 24.
Olam already secured the shares owned by PGG Wrightson, provided it gained more than 50% of the company and last month ACC agreed to seel its 7.03% stake.
Following that, Olam needed just 13% to cross the threshold.
Earlier this month, NZFSU appointed former Tip Top ice cream managing director Alastair de Raadt as chief executive of the company.
The appointment followed the axing of a management contract with PGG Wrightson.
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