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New Zealand: PGG Wrightson to sell seeds division for NZ$421m

 |  August 6, 2018

PGG Wrightson Limited (PGW) has agreed to sell its seeds business to Danish company DLF Seeds for NZ$421 million (US$283.5 million) and NZ$18 million (US$21.1 million) in debt payment, although the deal is subject to shareholder and Overseas Investment Office approval.

In a statement, PGW said the sale amount exceeded the book value of PGW Seeds’ net assets, which were estimated to be NZ$285 million (US$191.9 million).

“The agreement represents a transaction that would deliver significant value to PGW while also enabling the PGW Seeds business to benefit immensely from being part of an impressive global seeds operation,” PGW deputy chair Trevor Burt said in a statement. “The DLF Seeds offer was particularly compelling in terms of the value it would deliver to PGW shareholders.”

Full Content: New Zealand Herald

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