Financially-challenged rural servicing company Allied Farmers is restructuring its livestock business into a joint venture with livestock agents.
It says it will own 70% of New Zealand Farmers Livestock Limited.
The other 30% will be owned by companies formed by existing livestock agents.
The venture will encompass all the livestock and bobby calf businesses operated by Allied Farmers but not its interests in sales yards.
Allied says the joint venture will be the largest 100% New Zealand-owned livestock agency.
It will take effect from next month.