Yili’s gain on the West Coast brings a $500,000 windfall to farmers – but local leaders lament sale to foreigners

Westland  Milk  Products  farmer-shareholders  voted overwhelming in the past week to accept  the  $558m  takeover bid   by   Chinese  giant  Yili  for the   co-op’s  milk processing  operation.

For  individual  farmer shareholders, the  bid  means an injection of  around  $500,000 each  into their  bank accounts,  plus better  returns for their milk  over  the  next  10 years.

No wonder  94%  of the  96% eligible shareholders  cast their votes in   favour.  West Coast farmer and Federated Farmer president Katie Milne, who is also a WMP director, said it was an “absolutely stunning” result for West Coast farmers.

Yet the  sale  is lamented  by  many local leaders, as well  as  by  NZ  First  whose spokesman  Mark Patterson  wailed about an  “alarming trend”. Continue reading “Yili’s gain on the West Coast brings a $500,000 windfall to farmers – but local leaders lament sale to foreigners”

NZ First is not alone in worrying at the implications of a Westland Milk sale to Yili

Is   Westland  Milk   one of  NZ’s  “key  strategic assets”?

NZ  First  is adamant  it is and believes the government  should be a  applying a  “national interest test”   to the proposed  sale of the company  to the Chinese  dairy giant Yili.

Those  who  see  heavily indebted  companies  like Westland Milk struggling to  make a profit and  not  even  matching  Fonterra’s payout  to its suppliers might take a  cooler view  to  the proposed  sale.

Federated Farmers dairy chairman Chris Lewis said he had received “mixed” feedback from West Coast farmers on the deal, which will require 75% approval. Continue reading “NZ First is not alone in worrying at the implications of a Westland Milk sale to Yili”

Queue here to register your thoughts on a capital gains tax – but not if the queue gets too big

Labour  ministers’  enthusiasm   for a  capital   gains  tax   appears to  be waning  by the day.  Even the PM,  Jacinda  Ardern, no longer  seems to be talking  up  the need to  make the  tax system  “fairer”  by  bringing in  a  comprehensive   CGT.

Revenue  Minister  Stuart   Nash   went so far  as to  say  this  week   “there is  nothing to  consult  on”.

Here  is what he told  Parliament  on Thursday:

Nash: When I said I’m not consulting on a capital gains tax, I’m also not consulting on the 19 measures that the Tax Working Group considers would reduce compliance cost to small to medium enterprises.

Gerry Brownlee: Why not”?

NASH: Because—can I say this again—there have been absolutely no decisions made on this, so why would I formally consult when there’s absolutely nothing to consult on?” Continue reading “Queue here to register your thoughts on a capital gains tax – but not if the queue gets too big”