Two major Australian egg and cotton companies could soon be owned by overseas interests following a week of historic negotiations.
Canadian company PSP Investments recently spent about $180 million to secure a majority share in Ellerslie Free Range Farms, which owns 50 per cent of Sunny Queen.PSP says there will be no changes to the Ellerslie business, while the Namoi board will consider Olam's offer alongside an earlier offer from Louis Dreyfus.
Rural economist Ben Lyons said it was an indicator of how world markets viewed Australian agriculture. In announcing the deal, Ellerslie chief executive Greg Quinn said there would be no changes for their 400 staff, customers or suppliers."PSP Investments' global scale will help us accelerate our plans to significantly increase cage free production in the coming years."
The company owns 10 gins across Queensland and NSW and was already subject to an offer from France-based Louis Dreyfus Company .
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