Blue Sky Pulls out of Takeover Talks with Alliance Group27 December 2013
NEW ZEALAND - New Zealand meat cooperative Alliance Group has seen talks for a potential takeover of rival South Island processor Blue Sky Meats collapse.
According to a report from Share Chat in New Zealand Blue Sky withdrew after a failure to agree on key terms.
Alliance approached Blue Sky a few months ago about a possible takeover.
The two Invercargill-based companies started talks early this month.
The Share Chat report says that the farmer-led Meat Industry Excellence group has been pushing for closer integration of meat companies in an attempt to improve efficiency and boost profits.
The group has gained representation on the boards of Silver Fern Farms, the nation's largest meat cooperative by revenue, and Alliance, the second largest.
TheMeatSite News Desk