Originally Posted by
mouse
I agree with Snoopy. The real bid, for control, is only 52cents for shareholders. I think I have to sell into this offer though since I can at least get 60cents for 40% of my 10,000 shares. If it was a full takeover I might not sell. But this offer leaves me with little option.
Page 53 of the 'Target Company Statement' tells us that Mr Liu Yonghao is vice Chairman of MinSheng Bank. New Hope is the largest shareholder in MinSheng Bank, Chinas seventh largest commercial bank.
Further, page 53 again, Mr Liu is also a member of the Chinese Peoples Political Consultative Conference economic committee. Crony Capitalism.
So there is a convergence between business and politics in China. They are using their wealth to take over target companies around the world. We hand over our cash to Govt and thus have little personal savings. Due to high taxes and low wages.
Unless we take the matter seriously we will have New Zealand companies helping to develop China and not giving sufficient attention to NZ and Oz.
Further, PGGWrightson employs over 2,000 people. Many in Kiwi land. If they get thrown out of work the Kiwi taxpayer picks up the cost once they run out of cash.