Ingredients Olam International Limited says it will invest and acquire 24.99% equity interest in Dairy Trust Limited (DTL).
DTL is poised to become New Zealand’s second largest dairy processing company, for a total investment of NZ$101.05 million ($76.8 million).
DTL has announced its intention to make an open offer for the remaining shares of Open Country Cheese Company Limited (OCC) which it does not already own.
Olam has entered into a pre-bid agreement to sell its entire 19.9% equity interest in OCC, which it acquired from the open market in June 2007, to DTL under this offer.
The total investment of NZ$101.05 million takes into account Olam’s disposal of all its shares in OCC.
Olam will also enter into a long term marketing agreement for an escalating percentage of DTL’s production volumes.
The New Zealand dairy industry has experienced strong growth over recent years driven by farm conversions and more intensive dairy farming and is forecasting 50% growth in milk production over the next decade.
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