Grainfarmers/Centaur's Shareholders Back Merger
Grainfarmers and Centaur Grain shareholders have voted overwhelmingly in favour of the merger of both businesses.
The merger is still subject to the approval of the High Court, which it is expected will be received in mid-November.
The newly merged business, Openfield, will become the leading grain marketing and input supply business controlled by British farmers. Speaking after the Centaur members’ meetings, chairman designate, Richard Beldam, said that the vote was virtually unanimous and represented a most positive mandate for the merger.
Openfield is expected to handle around four million tonnes of grain – 20% of the UK market – and work with over 7,000 farmers. The organisation will also be a significant supplier of seed, fertiliser and agrochemicals. The business has the support of both HSBC and RBS, and will have net shareholders funds of around £20m.
The merger is still subject to the approval of the High Court, which it is expected will be received in mid-November.
The newly merged business, Openfield, will become the leading grain marketing and input supply business controlled by British farmers. Speaking after the Centaur members’ meetings, chairman designate, Richard Beldam, said that the vote was virtually unanimous and represented a most positive mandate for the merger.
Openfield is expected to handle around four million tonnes of grain – 20% of the UK market – and work with over 7,000 farmers. The organisation will also be a significant supplier of seed, fertiliser and agrochemicals. The business has the support of both HSBC and RBS, and will have net shareholders funds of around £20m.