Olam International shares in NZFSU increase to 37.02%

Agriculture company was granted consent to take over shares in New Zealand Farming Systems Uruguay.

Olam International Limited confirmed Wednesday that the New Zealand Overseas Investment Office has granted consent for its takeover offer for shares in NZ Farming Systems Uruguay Limited (NZFSU) that it does not already own.

Olam has received acceptances under its offer which, taken together with shares it currently holds, give Olam 37.02% of the shares in NZFSU. This includes the acceptance received from Accident Compensation Corporation, the third largest shareholder after Olam and PGG Wrightson, for its entire 7.03% shareholding in NZFSU, said the an Olam release.

Olam said in order for it to declare its offer unconditional, the agri-group now requires to receive further acceptances in respect of 13% of the shares in NZFSU.