SOURCE: Agria Corporation

Agria Corporation

April 25, 2011 07:39 ET

Agria Singapore's Partial Takeover Offer of PGG Wrightson Limited Has Become Unconditional

BEIJING, CHINA--(Marketwire - Apr 25, 2011) - Agria (Singapore) Pte Ltd (Agria Singapore) advises that all of the conditions to its takeover offer dated 24 January 2011 for 38.3% of the issued ordinary shares in PGG Wrightson Limited not already held by it (Offer) have been satisfied. Accordingly, the Offer is now unconditional. Agria Singapore will be jointly owned, directly or indirectly, by Agria Corporation (NYSE: GRO) and New Hope, along with an investment by Ngai Tahu Holdings, and certain financing provided by Livestock Improvement Corporation Limited.

The offer period has closed and final determination of the number of shares to be acquired from each acceptor of the Offer will be made in accordance with the New Zealand Takeovers Code and the Offer.

About Agria Corporation

Agria Corporation (NYSE: GRO) is a China-based company with investments in the agricultural sector. For more information about Agria Corporation, please visit www.agriacorp.com.

About New Hope
New Hope is one of China's largest agricultural and food corporations. The Group has revenue in 2010 of approximately RMB 60 billion (equivalent to approximately NZ$12.1 billion) and operates throughout China, and in South-East Asia. New Hope Group has four large business units -- agriculture and food (accounting for 85% of revenue), chemicals and resources, real-estate and financial businesses.

About Livestock Improvement Corporation Limited (LIC)

LIC is a New Zealand co-operative enterprise, owned by transacting dairy farmer members. LIC's core purpose is to help farmers become more efficient and profitable by genetically improving their animals, and by providing information, systems and technology that make it easier to farm. LIC has over 12,000 farmer customers in New Zealand and overseas, with full year 2010 sales of approximately NZ$136.0 million (approximately US$107.0 million). LIC employs the equivalent of approximately 600 full-time employees in New Zealand and over 1,700 in seasonal staff. LIC operates a dedicated, direct sales team of 75 staff in New Zealand, supported by a 45 seat national call center.

About Ngai Tahu Holdings

Ngai Tahu Holdings is a long-term strategic investor with a particular focus on New Zealand's South Island commercial and rural ventures, committed to supporting growth in the rural sector through global partnerships and relationships.

Safe Harbor Statement:

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Agria may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on Forms 20-F and 6-K, etc., in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Agria's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, those risks outlined in Agria's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this announcement unless otherwise stated, and Agria does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Contact Information

  • Contacts:
    For Agria Corporation in China:
    John Layburn
    Acting CFO
    Chief Strategy and Compliance Officer
    China Tel: 86-10-8438 1031
    john.layburn@agriacorp.com

    For Agria Corporation in the U.S.:
    David Pasquale
    Senior Vice President
    U.S. Tel: +914-337-1117
    david.pasquale@agriacorp.com