Chinese Group Buys Stake In NZ Farming Supplier
WELLINGTON, New Zealand (AP) ¿ China's seed and agriculture researcher Agria Corp. is to buy a 13 percent stake in New Zealand's largest rural services business, PGG Wrightson, with the aim of becoming a cornerstone shareholder, the companies said Friday.
The two companies signed an agreement for Agria to invest 36 million New Zealand dollars ($27 million) in PGG Wrightson through a share placement and to form a strategic partnership.
Agria's investment was conditional on it being satisfied that sufficient funds would be raised through equity raising and other sources for PGG Wrightson to repay a $149 million debt facility by March 31.
A China-based agricultural solutions provider listed on the New York Stock Exchange, Agria is engaged in research and development, production and sale of upstream agricultural products.The companies said the partnership would cooperate on development and international commercialization of seed cultivars, development of livestock demand in China, exports of livestock from New Zealand, Australia, South America and other markets, and on establishing livestock trading systems in China using PGG Wrightson's auction expertise.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV