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Article: New Zealand: NZ's Silver Fern Farms approves PGG Wrightson stake.
- Article from:
- TendersInfo
- Article date:
- September 9, 2008
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Byline: pinto03
Shareholders in New Zealand meat producer Silver Fern Farms voted on Monday to allow rural supplies firm PGG Wrightson Ltd to pay NZ$220 million ($150 million) for a 50 percent stake.Silver Fern said 75.62 percent of those who voted approved the proposal. It needed a 75 percent approval level to go ahead. Shares in PGG Wrightson last traded down seven cents or 2.6 percent at NZ$2.65, in a broader market .NZ50 that was up 1.2 percent. Silver Fern Farms, formerly known as PPCS, accounts for about a third of New Zealand's sheep and beef meat industry, with annual sales of NZ$1.8 billion.(USD1.2bn)
It has been closing plants and shedding ...