NEW ZEALAND: Olam secures ownership of NZFSU

By Michelle Russell | 9 November 2012

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.

Sectors: Dairy, Mergers & acquisitions