Alex Turnbull Appointed CEO of Yili Oceania Division
Former Fonterra executive Alex Turnbull has been appointed CEO to lead all five Yili Oceania Business Division companies in New Zealand.
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.
