Elders buys further 10% stake in Elders Insurance

Company News

by David Chau

Elders Ltd (ASX:ELD) has entered a contract with QBE to acquire from it an additional 10% stake in Elders Insurance (Underwriting Agency) Pty Ltd.

After this transaction, the agribusiness company’s total equity holding in Elders Insurance will be 20%.

Elders has not revealed the purchase price, citing confidentiality, but says the transaction will be funded from its available cash.

The company is expecting this transaction to settle on 1 December 2016.

Elders posted a net profit of $54.2 million at 30 September 2016.
 

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