4 Dec 2011

Allied Farmers confirms livestock joint venture

6:45 am on 4 December 2011

Rural servicing company Allied Farmers has confirmed its new livestock business is up and running after finalising arrangements with livestock agents who have become joint owners.

Allied owns about 70% of New Zealand Farmers Livestock.

The rest is owned by existing livestock agents and staff.

Allied Farmers says it decided to restructure its livestock business after losing some its stock agents to a larger rival, PGG Wrightson.

The joint venture has its own board and will be financed and run independently of other Allied Farmers operations, including AlliedNationwide Finance, which is in receivership.