New Zealand's a2 Milk Company
(ASX:A2M) has announced it will acquire an 8.2 per cent stake in Synlait Milk
(ASX:SM1) for about $148 million.
The milk producer says it will would acquire the stake from Japan's Mitsui & Co at a price of NZ$10.90 per share for total consideration of NZ$161.8 million.
The MD of the company says this investment is consistent with the A2Milk company’s commitment to long-term supply arrangements with partners such as Synlait Milk and Fonterra Co-operative Group.
Shares in a2 Milk Company
(ASX:A2M) are trading up 0.73 per cent to $9.63.
