goodfellow on sales process

Goodfellow is in charge of Elders rural services

"Yes, the Elders Rural Services business is for sale, but no, it is not a fire sale of a failing asset by the conglomerate parent company Elders Limited."

"It's about our parent entity understanding the iconic Elders Rural Services is a huge and profitable asset which holds enormous value and which can and will be sold," he said.

"There is so much interest from international investors at the moment for good Australian agricultural businesses with both a proven track record and potential to grow.

"That's why the Elders board believed the best thing it could do is find a new parent company for the rural services business that could provide capital to reinvest in our growth."

Rather than a quick deal negotiated behind closed doors, Mr Goodfellow said the best thing for all Elders stakeholders, including shareholders, staff and clients, was to run a proper sales process.

The intention is that new owner will have an understanding of the rural industry, empathy with the challenges faced in rural Australia each day and, critically, enough capital to support the growth ambitions of Elders Rural Services.

http://www.weeklytimesnow.com.au/article/2012/11/14/549097_business-news.html