Olam Intnl seeks to buy out rest of NZ Farming Systems Uruguay
WELLINGTON (Reuters) - Olam International Ltd (OLAM.SI), the major shareholder in NZ Farming Systems Uruguay Ltd NZS.NZ, said it plans to make an offer for the rest of the company it does not already own.
Olam, a Singapore based commodities company, said on Wednesday it would offer NZ$0.75 a share for the 14 percent of NZS it does not already own.
That is a 7 percent premium to NZS's last traded price of NZ$0.70 posted last Thursday. Olam said it regarded the price as fair and full and it would not increase the offer.
New Zealand Farming Systems has been developing dairy farms in Uruguay.