17 Mar 2011

Co-operative talking to farmers about new wool company bid

8:10 am on 17 March 2011

Farmers who supported the first unsuccessful fund-raising effort by the Wool Partners Co-operative are being consulted on fresh moves to gain more control of the wool trade.

The co-operative is planning to issue a new prospectus after failing in its first attempt to get the financial and wool supply commitment it needed from farmers to buy the Wool Partners International company from PGG Wrightson.

Co-operative representative Mark Shadbolt says the long-term aim is still to have full ownership of the wool marketing company, handling at least half of the country's strong wool clip.

However, he says it will consider doing that in stages this time and will also look at the potential for involving other interests in the venture.

Mr Shadbolt says the Wool Partners Co-operative is still keen to join forces with the Primary Wool co-operative that supplies the Elders company, despite nothing eventuating from earlier talks.