Buyers were looking to pay that same price but sell quotes were at 59c.
PGW expects to complete the sale of the seeds business to Danish group DLF Seeds at the end of April or early May, deputy chairman Trevor Burt said.
Chief executive Ian Glasson said it is an excellent outcome for the group and its customers as the sale agreement provides for a close working relationship between PGW’s rural services division and the seeds business under DLF ownership.
The price for the deal, agreed in August last year, is $434 million, including DLF taking on $21m in debt, for a net price of $413m.
PGW expects to make a one-off, after-tax profit of $120m on the transaction and to have a net cash surplus of about $210m.
“The options for a capital return to shareholders being contemplated by the board would allow PGW to reset its debt position and right-size its corporate operations,” Burt said.
The company has previously suggested a capital return of up to $292m could be made to shareholders.
OIO approval was the final condition required for the sale to proceed following earlier consents from PGW shareholders, the Commerce Commission, research and development programme partners and regulatory authorities in Australia and Uruguay, where the seeds business also operates.
Danish co-operative DLF Seeds already has a research and development business in New Zealand, probably the fourth biggest in the sector. PGW seeds is the biggest.
DLF has a very big northern hemisphere presence and has said its ownership will provide market opportunities there for PGW seeds products.
