Synlait shares in trading halt
Listed Canterbury milk processor Synlait’s shares have been placed in a trading halt.
The a2 Milk Company (a2Mc) has been given the regulatory approval to buy 75% of Mataura Valley Milk, Southland.
The company says it has received approval from the New Zealand Overseas Investment Office (OIO).
A key feature of a2MC's proposed investment in Mataura Valley Milk is that current majority shareholder, China Animal Husbandry Group (CAHG), will retain a 25% interest alongside a2MC.
CAHG is a wholly owned subsidiary of China National Agriculture Development Group Co Ltd, which is also the parent company of a2MC's strategic logistics and distribution partner in China, CSFA Holdings Shanghai Ltd. (China State Farm).
Mataura Valley is a dairy nutrition business. A2 Milk says the transactin will be completed by end of the month.
"As previously advised, the proposed acquisition will provide the opportunity for a2MC to participate in nutritional products manufacturing, provides supplier and geographic diversification, and strengthens our relationship with key partners in China," the company says.
The country’s 4200 commercial fruit and vegetable growers will vote from May 14 on a new HortNZ levy.
Meat processor Alliance Group is asking farmer shareholders to inject more capital in order to remain a 100% co-operative.
A vet is calling for all animals to be vaccinated against a new strain of leptospirosis (lepto) discovered on New Zealand dairy farms in recent years.
Dairy
Rural banker Rabobank is partnering with Food Rescue Kitchen on a new TV series which airs this weekend that aims to shine a light on the real and growing issues of food waste, food poverty and social isolation in New Zealand.
Telco infrastructure provider Chorus says that it believes all Kiwis – particularly those in the rural areas – need access to high-speed, reliable broadband.