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”
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”
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”