Yes a foot in the door and plenty of time to grease palms change rules, regs etc down the line, another soft takeover jigsaw piece. I really hope it doesn't get past OIO, but all that money is all most can focus on.
Printable View
Yup - exactly like how the Americans came to NZ, bought Telecom (with the 'help' of Fay Richwhite etc) and proceeded to extract billions of dollars out of New Zealanders and leaving behind a buggered up Telco., one which could not even deliver UFB without government intervention.
Korea rolled out its UFB in 2004. Guess when Telecom was going to roll out UFB in NZ if Helen Clark did not intervene?
Did I read a lot of outcry about the Americans buying Telecom?
Yup - exactly like how the Australians came over and bought up all our banks and then, proceeded to extract billions of dollars each year out of NZ and control the NZ economy.
Did I read a lot of outcry over the Australians?
Shall we talk about forestry and who really owns the forests planted decades ago through the sweat, tears and toil of New Zealanders?
Did I read a lot of outcry about how we now export logs and jobs overseas?
https://www.nzherald.co.nz/business/...ectid=12214337
Windfall of $500k each to the farmers for a bankrupt company!
Not hard to figure out what they would do!
Im picking that there will be heaps of W D supplier farms for sale shortly, with the terms of this sale/agreement and 10 years of matching the Fonterra price for milk this is a once in a life time opportunity for owners to exit their otherwise unsaleble farms, who would not want to sell ?
Can someone post the very good todays N Z Herald article on W D, great write up on all things W D, rock and hard place, one could say that the same applies to Fonterra but on a smaller scale.
Death throes of a dairy co-operative
Thanks for bringing that article up whatsup.
Death throes of a dairy co-operative: Westland Milk a loss of more than just money
https://www.nzherald.co.nz/business/...ectid=12214628
"Too many things aren't clear. We don't know if our farms are going to be tied in for 10 years. When we sell our farm does it have to be transferred to the new owner?"
Sheridan says an example of Westland's poor governance is that it has a plant building programme even while it is in debt and searching for a rescuer.
"Nothing should have been done while that was going on but they're talking about building milk transfer plants and giving farmers more indebtedness than they already had.
"There is no governance."
Sheridan would have liked Fonterra to have been involved but shareholders were never told about its interest, he says."
Death throes of a dairy co-operative
Looked at everything except listing on and raising capital from the share market. Pretty sad indictment of the NZX isn't it?Quote:
"We looked at standing alone and going to our shareholders [for capital] and using retained earnings or going to our banks. We looked at a cornerstone investor in the early part and we looked at a full trade sale and that's what this is.