Word: zealanders
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Although HMC President Jack E. Meyer declined comment on the final purchase price, the New Zealand Herald stated that the estate has an estimated value of 820 million New Zealand Dollars—approximately $540 million...
...purchase will be HMC’s second investment in New Zealand timber, following a smaller transaction earlier last year...
Under the terms of the arrangement, HMC does not own the land on which the timber is located. Instead, the land is retained by the New Zealand Government...
According to Meyer, HMC chose to work with GMO Renewable Resources because of their familiarity with the New Zealand timber industry...
...negotiations lasted over a year due to a number of technical difficulties, according to Meyer. The estate, previously owned by the joint venture of Fletcher Challenge Forests Ltd. and China International Trust and Investment Corp., had gone into receivership. It was placed on the market at 1 billion New Zealand Dollars, an amount owed to a syndicate of 12 banks...