Print this page

Thursday, 18 July 2019 16:02

High Court approves Westland sale

Written by Rural News Group

font size decrease font size increase font size

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

Buttery prize

OPINION: Westland Milk may have won the contract to supply butter to Costco NZ but Open Country Dairy is having the last laugh when it comes to cashing in on NZ grass-fed butter.

Strong growth for Yili's NZ operations

Chinese dairy giant Yili Group says its New Zealand operations are on track for strong revenue growth in 2025 after recording significant year-on-year growth for the first half of the year.

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)

Fonterra's global ranking set to dip

Fonterra has climbed three places to number six on RaboResearch's annual Global Dairy Top 20 report.

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.

Featured

Waireka Research Station leads biodiversity restoration in New Plymouth

For more than 50 years, Waireka Research Station at New Plymouth has been a hub for globally important trials of fungicides, insecticides and herbicides, carried out on 16ha of orderly flat plots hedged for protection against the strong winds that sweep in from New Zealand’s west coast.

Youth take centre stage at East Coast Farming Expo 2026

There's a special sort of energy at the East Coast Farming Expo, especially when it comes to youth.

Editorial: Local govt overhaul

OPINION: The latest reforms of local government should come as no surprise.

Export delays, weather and global supply pressure hit NZ avocado growers

The avocado industry is facing an extremely challenging season with all parts of the supply chain, especially growers, being warned to prepare for any eventuality.

Government approves nationwide recycling scheme for primary sector plastics

Rural recycling scheme Agrecovery is welcoming the Government's approval of regulations for a nationwide rural recycling scheme for agrichemicals and farm plastics.

Late start but strong season ahead for New Zealand strawberries

Despite a late and unfavourable start, this year’s strawberry crop is expected to be bountiful for producer and consumer alike.

National

Fonterra directors set for pay rise pending AGM approval

Fonterra directors and councillors are in for a pay rise next month.

Rabobank 2026 Outlook: Geopolitics shapes global agriculture

The global agricultural landscape has entered a new phase where geopolitics – not only traditional market forces – will dictate…

McDonald’s NZ spends $235m on local farmers in 2024

Feeding more than 1.5 million people a week takes more than quick service, it takes the ongoing work of New Zealand…

Fonterra shaves 50c off forecast milk price

Fonterra has dropped its forecast milk price mid-point by 50c as a surge in global milk production is putting downward…

BNZ: $10 milk price now unlikely for 2025/26 season

The chance of a $10-plus milk price for this season appears to be depleting.

Machinery & Products

Claas Jaguar 1000 Series sets new forage harvesting world record

The recently released Claas Jaguar 1000 Series has seen its flagship 1200 set a new official Guiness World Record in…

CB Norwood appoints John Skurr as new general manager

CB Norwood Distributors Limited has announced the appointment of John Skurr to the position of general manager.

Polaris unveils mid-size utility side-by-side

Polaris Off Road has unveiled the 2026 Ranger 500, an all-new mid-size utility side-by-side aimed at bringing the quality and…

Carrfields expands South Island footprint with Agricentre South Kubota dealership acquisition

Two of the South Island’s agricultural machinery dealers are undertaking strategic changes designed to deliver even greater specialist support to…

Samasz Z4-1550 Four-Rotor Rake & KDX Mowers Debut at Agritechnica

In an already crowded market, Polish machinery manufacturer Samasz is set to unveil a prototype of its Z4-1550 four-rotor rake at…