30 Aug 2010

Olam reps in country to boost bid for NZFS

5:57 am on 30 August 2010

Representatives from the company bidding for control of New Zealand Farming Systems Uruguay are in New Zealand this week trying to drum up more support for their takeover offer.

Olam International of Singapore, which already has a stake of 18.5% in NZFS, has acceptances from PGG Wrightson and ACC that give it 37%, but it needs at least 50% for the offer to succeed.

Radio New Zealand understands Olam representatives are speaking with other major shareholders about the offer and hope to wrap up the deal this week.

A Uruguayan company, Union Agriculture Group, pulled out of the takeover race on Friday, saying it wasn't prepared to bid above Olam's offer of 70c a share.

Shares in New Zealand Farming Systems Uruguay fell 3c to 69c on Friday.