(BusinessDesk) – Shanghai Pengxin, which bought the Crafar family farms in a controversial deal last year, and the Synlait founders are offering $85.7 million to buy South Island dairy farmer Synlait Farms.
SFL Holdings, a joint venture between Pengxin and Synlait Farms chief executive Juliet Maclean and director John Penno, is offering $2.10 a share to Synlait Farms investors in a full takeover bid for the company which operates 13 dairy farms and a total herd of almost 13,000 cows. That’s a 31 percent premium to the $1.60 price the shares last traded at on the Unlisted platform.
If the takeover is successful, SFL plans to inject a further $20 million in fresh capital to reduce debt and accelerate investment. It also plans to reinvest all surplus cash to fund further growth. Penno and Maclean will hold about 26 percent of SFL, with Pengxin owning the rest via New Zealand Standard Farm, a subsidiary of its Milk New Zealand unit. . .
Spierings blames ‘she’ll be right attitude’ for Fonterra botulism scare - Christopher Adams:
Fonterra chief executive Theo Spierings says a “she’ll be right attitude” was one of the causes of the company’s botulism fiasco.
Business leaders have gathered in Auckland today for the annual China Business Summit.
The event’s main focus this year is the ongoing impact of Fonterra’s whey protein contamination scare, which led to a global recall of consumer products, including infant formula, but turned out to be a false alarm.
Addressing the summit, Spierings said Fonterra was world class in manufacturing and food safety but the company still needed to “lift its game”.
“That was one the key learnings [of the botulism scare] – a ‘she’ll be right’ attitude is not acceptable,” he said. . .
A Primary Growth Partnership programme is helping deliver world-leading patented technology for the production of quick-frozen grated mozzarella.
The Transforming the Dairy Value Chain programme is driven by Fonterra, Dairy NZ and the Ministry for Primary Industries (MPI) under the Primary Growth Partnership. The technology, which is being expanded at Fonterra’s Clandeboye site in South Canterbury, enables quick-frozen, natural, shredded mozzarella to be produced in just a day—a process traditionally taking around two months.
“This is a key demonstration of the type of innovation that is being enabled by the Primary Growth Partnership,” says Justine Gilliland, Director Primary Growth Partnership, MPI. . .
Creating the ‘angus moment’ – Gerald Piddock:
Angus beef must position itself as a guilt-free indulgence for wealthy consumers around the world if it is to prosper in the modern world, a leading brand strategist says.
But to achieve this would require a new way of thinking, Brian Richards told farmers at the World Angus Forum in Rotorua.
It meant angus farmers viewing themselves not just as sellers of protein but also as producers of a food experience, Richards said in his keynote address at the forum. . .
New Zealand wine industry luminary Sir George Fistonich has been named the recipient of the 2013 Rabobank Leadership Award for his outstanding contribution to agribusiness.
A pioneer of modern-day winemaking in New Zealand, Sir George, the founder and owner of Villa Maria Estate, was presented with the prestigious trans-Tasman honour at the annual Rabobank Leadership Award Dinner in Melbourne last night.
Australian grains industry advocate Georgie Aley was named Rabobank Emerging Leader, a new award category recognising up-and-coming young leaders in New Zealand and Australia’s food, beverage and agribusiness industries.
Announcing the award winners, Rabobank Australia & New Zealand Group managing director Thos Gieskes said Sir George Fistonich had spent five decades at the forefront of New Zealand’s wine industry and had been an instrumental figure in the rise of New Zealand wines on the world stage.
“In a career spanning 50 years, George Fistonich has exemplified true leadership along with an extraordinary passion for the New Zealand wine industry – successfully leading not just his own business, but helping to pioneer and drive an entire industry and inspire and mentor those around him,” Mr Gieskes said. . . (I posted on the award yesterday, but this is the official media release).
Waiting for Nuffield – RivettingKateTaylor:
It’s Nuffield time of year again.
Years ago, a Young Farmers friend, arable farmer Hugh Ritchie, was awarded a Nuffield Scholarship. I think I was working for radio or the HB Herald Tribune at the time and did a story on his selection.
Now I work for Nuffield NZ in a freelance journalist role and see the scholars come and go (literally – six months of overseas travel/research is an integral part of a scholarship). . .
Local dairy farmer Julian Raine, has announced that all Oakland’s milk naturally contains A2 beta casein proteins. He says “Centuries ago all cow’s milk contained this protein but as dairy herds around the world have been bred and selected for higher production the incidence of the A1 variation has increased.”
Through genetic testing Mr Raine has been able to select cows from his two Nelson dairy herds that have only the A2 gene. These cows are milked separately and it is only this pasteurised milk that is currently sold through vending machines located at Oakland’s farm gate. . .
Global players in the fresh produce industry will this weekend get a first-hand look at innovative fruit sorting solutions from Kiwi company BBC Technologies, the world’s leading supplier of blueberry sorting and packing machinery.
BBC Technologies, specialists in the development and manufacturing of advanced processing technology, will be showcasing its range, for the first time, at the Produce Marketing Association’s (PMA) Fresh Summit Convention & Expo in New Orleans.
PMA’s Fresh Summit is one of the largest trade shows held in the United States, drawing more than 18,000 visitors from over 60 countries. North America is a key market for BBC, with the thriving New Zealand company recording 30 per cent year on year growth. . .