Shareholders at Satara Cooperative Group in New Zealand have voted against a proposed merger with Seeka Kiwifruit Industries, it has been revealed.
The move, which was widely seen as a way of combating the threat of the Psa vine disease to the industry, had the backing of the respective boards, but not, it seems, the Satara shareholders.
In a joint statement, Satara and Seeka confirmed that voters had opted against the amalgamation of the two companies, adding that they were 'pursuing business as usual'.
Prior to the vote on Friday (2 December), Satara chairman Hendrik Pieters had admitted his 200 cooperative shareholders may not support the deal, with the value of shares and the differing cultures of Seeka and Satara among the apparent concerns.
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