[ad_1]
PGG Wrightson's seed division is profitable and is a key reason why foreign companies are interested in bidding for all of the activities.
The Australian agribusiness company Elders downplayed media speculation on fundraising for the acquisition of PGG Wrightson (PGW), New Zealand's largest agricultural services company
. any definite proposal "to buy PGW, contrary to a report in The Australian that he seeks to raise 300 million Australian dollars.
There has been widespread speculation that elders or The Dutch seed company Barenbrug are interested in buying The sale was triggered by the desire of Agria Corp to leave its 50 percent stake in PGW.
Alumni CEO Mark Allison says the company will only make acquisitions that have a compelling strategic and financial sense.
Agria, a Chinese company, is under investigation by Overseas Investmen (NYSE) for its "good reputation" following its delisting from the New York Stock Exchange in 2016 after the NYSE announced it had discovered evidence that a "senior officer and other intermediaries" had artificially inflated the course of action. * Overseas Investment Office investigates the "good character" of the owner of PGG Wrightson Agria
* Agria will pay $ 1.3 million to disgruntled shareholders if the court approves
management of PGW has said Tuesday Nothing to add to a statement made in May that the Christchurch-based company had conducted a strategic review of its business, including growth opportunities, capital and balance sheet requirements, and potentially a shareholder structure.
Chairman of PGG Wrightson and CEO of Agria Corp, Alan Lai. Agria wants to sell its 50% stake in PGW.
He hired First NZ Capital and Credit Suisse to act on his behalf.
"The board remains open to considering the options identified in the course of the review and no decision has been made at this time," PGW's Julian Daly, director General of Strategy and Corporate Affairs, said:
Recently, the Elders management came to New Zealand to evaluate PGW, and an Australian journalist wrote: "They were rather open and determined on the plans of the company.
Other conjectures claim that elders are interested in buying the entire company, while Barenbrug only wants the seed division.
Since the founding of PGW in 2005 following the merger of Pyne Gould Guinness and Wrightson, his fortunes have waxed and fallen. Agria bought its stake in a fire sale in 2009.
The Australian Financial Review said analysts had estimated PGW at A $ 600 million.
PGW reported after tax income of $ 46.3 million. FY 2016-17, up from $ 43.8 million the year before. He had an annual business turnover of $ 1.13 billion last year and employed 2200 people
. – Tips and Tricks
Source link
