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New Zealand Overseas Investment Office approves sale of PGG Wrightson Seeds Holdings Ltd to DLF Seeds A/S
Apr. 19, 2019
DLF
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Denmark
PGG Wrightson Seeds
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The New Zealand Overseas Investment Office has given approval for the sale of PGG Wrightson Seeds Holdings Limited (PGW Seeds) to DLF Seeds A/S (DLF).
This was the final condition precedent that remained and the transaction can now move forward to settlement. It is anticipated that the transaction will settle as soon as practicable.
- For DLF, the acquisition of PGW Seeds is truly a significant strategic leap. We see PGW Seeds as the leading temperate forage seed player in the Southern Hemisphere, with DLF occupying a similar position in the Northern Hemisphere. That gives us real opportunities for value creation as a combined business with a strong global offering for our customers.
It is our clear ambition to retain our consolidated market shares and to pursue opportunities cre-ated by our global strength, and it is also our ambition to exploit commercial, operational and structural synergies throughout our joint value chain, said DLF Chief Executive Truels Damsgaard.
PGW Seeds and DLF operate complementary businesses in terms of market coverage and distribution capabilities geographically. The combined business will gain such critical mass that will allow continued investments into research and product development at the highest level.
-To stay ahead of the competition, it is of outmost importance to gain scale in your business, as applied biotechnology is expensive and long term to develop and not without technology risks. With this acquisition DLF not only achieves such scale, we also gain a strong supply chain and market coverage in the Southern Hemisphere, which positions DLF uniquely in the global forage and turf seed space, Truels Damsgaard said.
Source: DLF
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