AUSTRALIA: Kiwi Co-op Dairies increases stake in Peter and Brownes Food, has "hands off" control
Peters and Brownes Food (PB) was given a A$92.4m boost last week as Kiwi Co-operatives Dairies became the processor's largest shareholder, increasing its stake from 54% to 68%. PB, based in Western Australia (WA), welcomed the cash injection as evidence that Kiwi is confident in the efficiency and productivity of the Australian dairy sector. Managing director Graham Laitt explained that Kiwi would adopt a "hands off" management style and said that the company would now be able to expand export operations, as the cash injection would be used to retire debt.
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