NEW ZEALAND: Olam secures ownership of NZFSU
Olam purchased 85.93% of the dairy group's shares in July last year
Singapore-based Olam International has succeeded in its bid to secure 100% of dairy group NZ Farming Systems Uruguay (NZS).
Olam said it made a full cash takeover offer to acquire all of the remaining ordinary shares in NZS it did not already own, for NZ$0.75 (US$0.61) per share.
Olam purchased 85.93% of the dairy group's shares in July last year. However, the shareholding fell short of the 90% stake it needed to acquire to trigger a compulsory acquisition of the remaining shares.
The current offer was despatched to NZS shareholders on 23 October and subsequently accepted, Olam said.
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