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Sheep farmers keen to gain control of WSI
26
Jul '11
The support from sheep farmers in New Zealand to gain majority stake in Wool Services International (WSI) is gaining momentum.

A farmer-owned investment company Wool Equities Ltd. is going to bid for acquiring partial or full control of WSI, a processor and exporter of wool.

Wool Equities will be competing with other potential buyers for acquiring the 64 percent stake held by Plum Duff and Woolpak Holdings, both of which have gone into administration following the collapse of South Canterbury Finance.

Sheep farmers who possess minority shareholding in WSI are encouraging Wool Equities to bid for WSI, as they are opposed to WSI's takeover by Cavalier Wool Holdings, saying it would result in a monopoly in the New Zealand wool scouring industry.

Cavalier's bid to acquire the country's biggest wool exporter is on hold until a High Court hearing scheduled for August 22.

Fibre2fashion News Desk - India

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