Allens has advised agribusiness company Australian Food & Fibre Limited on the sale of its entire interest in Australian cotton operation Bengerang to ASX-listed Webster Limited.
The transaction, which attributes an equity value of $124 million to Bengerang, was announced concurrently with a takeover by Webster Limited to acquire Tandou Limited. Upon completion of the Bengerang transaction and assuming 100 per cent of the shares in Tandou Limited are acquired, Webster will have a net asset value of approximately $540 million.
Partner Julian Donnan led the Allens team on the matter. He said the deal was the latest in a string of agribusiness matters on which the firm has worked and reflects the move towards consolidation in parts of the sector.
'We were very pleased to be involved in this matter for Australian Food & Fibre Limited as it is a significant one for all parties involved, and the Australian agribusiness sector,' Mr Donnan said.
Allens Partner and head of the Agribusiness sector Marcus Clark said: 'For a nation with a strong agricultural tradition, there has been a distinct lack of opportunities for investors in the listed agriculture space. Transactions such as this one are forging these opportunities. We welcome more.'
Allens legal team
Julian Donnan (Partner); Marcus Clark (Partner); Andrew Wong (Managing Associate); Anurag Verma (Senior Associate)
Ends
Notes for editors.
Allens is a commercial law firm working throughout Australia and Asia. Through its integrated alliance with Linklaters it provides clients access to 40 offices in 28 countries around the world.