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Article: Owen Hembry
Agriculture
Crockery flies, but marriage not over yet
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- Article from:
- New Zealand Herald (Auckland, New Zealand)
- Article date:
- February 22, 2009
CopyrightCOPYRIGHT 2009 Independent News & Media PLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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I T HAD all the hallmarks of a great marriage _ mutual attraction and admiration, plus a willingness to co-operate and plan a future together _ and yet the partnership of PGG Wrightson and Silver Fern Farms may be headed on to the rocks.
In June last year NZX-listed rural services business PGG Wrightson agreed to buy half of meat-processor co-operative Silver Fern Farms for $220 million.
The deal was promoted as creating a supply chain stretching from pasture to plate and a platform for industry rationalisation, with prospective short- and long-term gains of more than $60 million and up to $110 million a year respectively.
However, things ...