Yili takeover of Westland gets court approval

By Jim Cornall contact

- Last updated on GMT

Westland ceases to be a cooperative after being bought by Yili.
Westland ceases to be a cooperative after being bought by Yili.

Related tags: Yili, westland

On Thursday, the High Court of New Zealand gave approval to the takeover of the Westland Co-operative Dairy Company by Yili subsidiary, Hongkong Jingang Trade Holding Co., Ltd.

The court noted that the Takeovers Panel had no objection to the Scheme proceeding under the Companies Act, and The Overseas Investment Office (OIO) consented to the proposal earlier this week.

The Court said it was satisfied relevant statutory provisions have been complied with, and the proposed Scheme had been fairly put to the shareholders who were properly informed and fairly represented at the meeting.

The Court said it “was also satisfied the arrangement might reasonably be approved by a reasonably intelligent business person acting in their own interests and was overall fair and equitable.”

The Yili group had earlier welcomed the OIO decision.

Yili Group CEO, Jianqiu Zhang, said, “Our goal is to become the most trusted health food provider in the world.”

Farmer shareholders will now receive an immediate cash payment of NZ$3.41 per share, as well as a ten-year guaranteed competitive milk payout.

Zhang said Yili wanted to work towards creating a “strong and secure future for one of New Zealand’s most trusted brands.”

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