18 Apr 2011

Ngai Tahu part of partial takeover offer on PGG Wrightsons

6:02 am on 18 April 2011

A prominent iwi is now part of a partial takeover offer for PGG Wrightsons.

Ngai Tahu has finalised a $15 million deal with the Chinese company Agria, and the New Hope Group.

It will have a cornerstone shareholding in a joint-venture by the two companies, that is offering to be the majority shareholder in the rural supplies company.

However, with the involvement of Ngai Tahu, the offer will now need PGGW shareholder approval and this is expected to take six to eight weeks.

Ngai Tahu Holdings is already an investor in the rural sector with forestry and property holdings.

It also announced earlier this year that it was planning to trial three dairy farms in Canterbury.