Thursday, 18 July 2019 16:02

High Court approves Westland sale

Written by Rural News Group

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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.

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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.

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