Sale of Webster Limited to Canadian pension board finalised

Webster Limited's Canadian takeover finalised

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Webster walnuts

Webster walnuts

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The Mounties get their company.

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THE Canadian takeover of an agribusiness with significant properties in the Riverina has been finalised.

Share trading in Webster Limited was suspended at the close of trading on the Australian Stock Exchange recently.

That followed the New South Wales Supreme Court approving a scheme of arrangement, allowing an indirect wholly owned subsidiary of the Canadian Public Sector Pension Investment Board (PSP Investments) to acquire Webster shares.

The deal was overwhelmingly supported by Webster shareholders in a vote.

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Webster shareholders will get $2 per share for every ordinary share they hold as of 7pm on February 11.

When the deal was announced in October last year, it valued Websters at around $724 million.

Webster grows walnuts and almonds outside Griffith at Tabbita and Avondale and Sandy Valley orchards.

Walnuts are also grown near Leeton and in Tasmania.

The business also has properties at Bringagee, Benerembah, and Kooba Station and also run livestock at Tandou and Packsaddle Station in NSW and at Kalabity Station in South Australia.

As well as the physical assets, Webster has extensive water entitlements.

The business was founded in Tasmania in 1831 and was headquartered in Tasmania for most of its history.

PSP Investments invests for the pension plans of Canada's federal public service and armed forces, the Royal Canadian Mounted Police (the Mounties) and the Canadian Armed Forces Reserve Forces.

In October, Webster said it believed PSP Investments would be a "logical and suitable" owner of the Webster assets.

"PSP Investments has a proven track record in managing and investing in agricultural assets over the long term for sustainable value creation and, therefore, we believe this transaction represents a positive outcome for all stakeholders in our business," Webster managing director and chief executive Maurice Felizzi said at the time.

The story Sale of Webster Limited to Canadian pension board finalised first appeared on The Land.

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