PGG Wrightson to sell stake in NZ Merino Co
PGG Wrightson is selling its 50 percent shareholding in The New Zealand Merino Co to Merino Grower Investments (MGI) for $7.625 million.
PGG Wrightson is selling its 50 percent shareholding in The New Zealand Merino Co to Merino Grower Investments (MGI) for $7.625 million.
Provided conditions were met, including approval of the deal by MGI shareholders, settlement was expected to be on June 30, PGG Wrightson said today.
PGG Wrightson managing director George Gould said the agreement supported the vision of merino growers to determine their own destiny through gaining outright control of NZ Merino.
The purchase price for PGG Wrightson's 50 percent shareholding in NZ Merino was based on an independent valuation by PricewaterhouseCoopers.
PGG shares (NZX:PGW) were up 1.96% to 52 cents in midday trading. The broader market was down 0.28%.
NZPA
Wed, 01 Jun 2011
Wed, 01 Jun 2011
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PGG Wrightson to sell stake in NZ Merino Co
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