Business News

Takeover bid faced by Nufarm

Takeover bid faced by Nufarm

Chinese fertilizer and oil giant Sinochem is aiming to buy Australian-head quartered farm chemicals company Nufarm.

Nufarm NZ today said that the company's board has been approached by the state-owned Chinese company, in connection with the acquisition of the company, on a confidential, preliminary and incomplete basis.

The company continued that there was no surety that any agreement would be reached or that an offer or proposal would be put to Numfarm shareholders.

Top spot retained by Hart on Rich List as kiwis’ wealth shrinks

Top spot retained by Hart on Rich List as kiwis’ wealth shrinks

The National Business Review's 2009 Rich List, which showed the impact of the credit crunch and global economic slump, saw Graeme Hart - whose investments range from packaging to food - holding onto his top spot; while the slowdown cut the net worth of New Zealand's wealthiest people.

In the latest Rich List survey, a fall by NZ$500 million to an estimated NZ$5.5 billion was seen in Hart's wealth. However, this fall was not able to affect his top position on the list, which he has maintained for seven of the past eight years.

Sum of $500m to be invested by fund in infrastructure

Morrison&Co

Over $100 million would be put by the New Zealand Superannuation Fund into a public-private partnership fund investing in infrastructure, like schools, hospitals and housing.

The Public Infrastructure Partnership fund is being set up by privately-owned infrastructure manager Morrison&Co, which could invest up to $500m.

Annual fees would require to be paid for availing the facilities, which will be handed back to public ownership after two to three decades.

Increase in numbers of customers for Xero

software company Xero

As per media reports, it has been revealed by accounting software company Xero that it now has 10,000 paying customers, up from around 1,000 in March last year.

Ahead of its annual meeting on Thursday afternoon, Xero said that the tenfold increase was a significant milestone for the company, just two years after its initial public offering.

It should be noticed that nearly half of the company's customers live outside New Zealand.

PGW bids adieu to its Chairman, Norgate

PGG Wrightson

It has recently come to scene that Craig Norgate has resigned from his post of chairman of PGG Wrightson (PGW).

His place has now been taken by independent director Keith Smith. A former chairman of Wrightson, before its merger with Pyne Gould Guinness, Mr. Smith will acquire the place at the top of table.

Via a statement, it was clarified by PGG Wrightson that it was during the last month that Mr. Norgate expressed his desire to vacate his post to the board.

Legal action against Zespri taken by Turners & Growers

Zespri

As per the media reports, legal action is being taken by Produce company Turners&Growers against Zespri, challenging the kiwifruit exporter's near-monopoly status.

It was only yesterday that the proceedings in the High Court at Auckland were filed by Turners&Growers, of which majority is owned by Guinness Peat Group.

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