Blue Sky left searching for positives after Binxi offer lapses

Invercargill based meat processor Blue Sky Meats is trying to put a positive spin on its prospects after being advised by Chinese cattle and meat company subsidiary NZ Binxi Oamaru that its takeover offer would not proceed. The main reason for the decision was failure to receive OIO approval by the 20^th March deadline, but Binxi also cited a material adverse change in this season’s performance. As a result Blue Sky has advised shareholders they will continue to own their shares, 96% having already accepted the offer.

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Objective carcase measurement – essential or just nice to have

Objective carcase management (OCM) appears to be the holy grail for Meat and Livestock Australia judging by its plan to seek A$150 million from the Australian government to fund the installation of Dual Energy X-ray 3D carcase grading technology (DEXA) in up to 90 slaughterhouses, intended to roll out this year. The loan would be repaid from industry levies, although there are no firm details yet about how the costs would be shared.