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”