Home / Knowledge / News / Textiles / WoolCo fails to raise NZD 40mn to buy New Zealand WSI
WoolCo fails to raise NZD 40mn to buy New Zealand WSI
20
Dec '11
WoolCo has failed in its task of raising capital to buy Wool Services International (WSI), New Zealand's largest wool exporter.

WoolCo was formed as a joint venture between Christchurch-based investment bank Ocean Partners and farmer-owned Wool Equities. It was seeking to raise NZD 40 million from farmers and other investors to prevent WSI's sale to Cavalier Wool Holdings.

The joint venture company believed that the sale of WSI to Cavalier will result in creation of a wool scouring monopoly in New Zealand.

By raising enough capital, WoolCo planned to acquire WSI and use it as a farmer-controlled wool marketing venture.

WoolCo will now return the money raised by it back to investors and farmers.

The company said wool growers in the country expressed a lot of support for its initiative to acquire WSI as a farmer-owned entity, but it did not translate into enough financial contribution to allow the purchase of WSI.

Last month, the High Court validated the decision of the Commerce Commission to allow Cavalier Wool Holdings to purchase WSI. The deadline for appealing against the High Court decision expires this week.

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 27th Mar 2017

Himatsingka to disinvest 100% stake in Italian subsidiary

The board of directors at Indian home textiles manufacturer and...

Courtesy: Flipkart

Apparel/Garments | On 27th Mar 2017

Flipkart bags $1bn funding at lower valuation

In a new round of funding, Flipkart, one of India's biggest ecommerce ...

Textiles | On 25th Mar 2017

GST to positively impact retail value chain: CBRE

The implementation of the Goods and Services Tax (GST) bill in India...

Interviews View All

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Smarth Bansal
Colorjet India Limited

We would like to venture more companies into the Indian market

Shawn Honeycutt
Bolger & O'Hearn

‘The Indian market is interesting and rather persistent in seeking new...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search