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Futuris acquires ITC for $155 million

Futuris acquires ITC for $155 million

COMMERCIAL LAW firm Thomson Playford acted for listed Australian diversified industrial company Futuris Corporation Limited in its recent $155 million acquisition of plantation management…

COMMERCIAL LAW firm Thomson Playford acted for listed Australian diversified industrial company Futuris Corporation Limited in its recent $155 million acquisition of plantation management company Integrated Tree Cropping Ltd.

Through its wholly owned subsidiary, Hatmore Pty Ltd, Futuris Corporation acquired 93 per cent of Integrated Tree Cropping shares by close of the offer on 30 June, and will now move to compulsory acquisition of 100 per cent. As a result of the takeover, Integrated Tree Cropping will now be delisted.

Thomson Playford’s legal team working on the deal was led by corporate partners Loretta Reynolds and Con Tzerefos.

“Despite the challenging timeframes involved and the complex nature of the acquisition, this process ran smoothly and the end result for our client was very pleasing,” said Tzerefos. As the offer was for scrip or cash, the client had to comply with prospectus components for the scrip sector.

“The client was looking to increase their holding, with a preference for 100 per cent, but that wasn’t at all guaranteed,” said Reynolds. “As it turned out, it went well and they were happy.”

Andrew Shearwood in Freehills Perth office acted for Integrated Tree Cropping.

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