Harvey Norman outlays $34m for dairy farm stake

 In Australia, NewZealand
Furniture and appliances retailer Harvey Norman is diversifying into dairy farming and cattle breeding, paying $34 million for a stake in Coomboona Holdings, one of Australia’s largest dairy farms.
Harvey Norman told the stock exchange on Wednesday it had acquired a 49.9 per cent stake in Coomboona Holdings for about $25 million and had agreed to make an advance of about $9 million to the company.
Coomboona owns land and farm assets including dairy farms in the Coomboona district of the Goulburn Valley region in northern Victoria. It also operates a pedigree breeding and genetics business and is well known for its Holsteins.
The deal is likely to raise eyebrows among investors, as it represents a significant investment outside Harvey Norman’s core businesses of retail and property and could be construed as a related party transaction.  Sydney Morning Herald – Read more…

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