Uruguay-based Union Agriculture Group (UAG) has pulled out of
the bidding for New Zealand Farm Systems Uruguay(NZFSU).
UAG company chairman Juan Sartori said the company had
decided against making a bid above the current offer from
Olam International of 70c per share.
"We are a conservative company and we currently have other
opportunities where we can apply our funds and resources in
Uruguay at better terms," Mr Sartori said today.
"While we believe NZFSU was potentially very good for UAG and
that we could make it a successful operation, the opportunity
does not look so good for us at that price."
UAG remained interested in working with New Zealand or other
international businesses in Uruguay or elsewhere in South
America to continue growing UAG into a leading and successful
agricultural company.
Olam lifted its takeover offer to 70c on Tuesday, from the
55c it was previously. UAG had notified its intention to make
a cash offer at 60c a share early last week.
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