close
MENU
1 mins to read

Olam now officially a Uruguayan farmer

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

Liam Baldwin
Mon, 20 Sep 2010

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.

Liam Baldwin
Mon, 20 Sep 2010
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Olam now officially a Uruguayan farmer
8618
false