News: NZ gives green light for AWB takeover

.

Agribusiness AWB Ltd (ASX:AWB) says that its Canadian suitor, Agrium Inc, has been given the green light from the New Zealand Overseas Investment Office.

AWB says New Zealand regulators have voiced no objections and as a result this regulatory condition is satisfied.

The approval comes following news the Australian Foreign Investment Review Board last month endorsed the deal.

Under the scheme of arrangement, Agrium has offered AWB $1.50 per share which values AWB at around $1.2 billion.

All of AWB's directors have unanimously recommended that shareholders vote in favour of the scheme.

In the six months to 31 March this year, AWB booked a loss of $63.52 million.