Thursday, 18 July 2019 16:02

High Court approves Westland sale

Written by 
Westland Milk Products' Hokitika site. Westland Milk Products' Hokitika site.

The sale of Westland Milk to Chinese company Yili is now complete.

The High Court today gave the final consent for Yili to take over the co-op from farmer shareholders for $588m.

The Overseas Investment Office (OIO) gave its blessings to the deal earlier this week.

The High Court decision means Westland shareholders will receive an immediate payment of $3.41/share in the company.

Yili already has a presence in New Zealand, after it acquired Oceania Dairy Group in 2013.

It has since invested approximately $660 million in establishing milk powder, infant formula and UHT production lines for Oceania.

Westland shareholders voted overwhelmingly to accept the Yili offer two weeks ago.

More like this

Top dairy CEO quits

Arguably one of the country's top dairy company's chief executives, Richard Wyeth has abruptly quit Chinese owned Westland Milk Products (WMP)

Wrong, again!

OPINION: This old mutt well remembers the wailing, whining and gnashing of teeth by former West Coast MP and Labour Agriculture Minister Damian O’Connor when Chineseowned Yili took over the troubled dairy company Westland Milk a few years back.

Milk price certainty

Westland Milk has reaffirmed its commitment to pay farmer suppliers 10c above Fonterra farm gate milk price for the following two seasons.

Featured

National

Machinery & Products

Farming smarter with technology

The National Fieldays is an annual fixture in the farming calendar: it draws in thousands of farmers, contractors, and industry…

» Latest Print Issues Online

Milking It

110,000 visitors!

OPINION: It's official, Fieldays 2025 clocked 110,000 visitors over the four days.

Sticky situation

OPINION: The Federated Farmers rural advocacy hub at Fieldays has been touted as a great success.

» Connect with Dairy News

» eNewsletter

Subscribe to our weekly newsletter