16 Sep 2011

New bidder emerges for wool exporter

2:45 pm on 16 September 2011

Another bidder has emerged for the country's biggest wool exporter, Wool Services International (WSI).

The newly-formed New Zealand Wool Investment Company, or Wool Co, is a joint venture between farmer-owned Wool Equities and Christchurch-based investment bank Ocean Partners.

It plans to raise $40 million from farmers and other wool industry investors to buy WSI.

If the takeover is successful, Wool Equities would then buy Wool Co's shareholding in Wool Services - effectively merging the two publicly listed wool companies.

Wool Co has set a deadline of the end of October for raising the capital.