Bidders give Sealord stake a further sniff

By PAULA OLIVER

Several companies are understood to have a renewed interest in buying half of Sealord, following reports that negotiations involving South African company Irvin and Johnson have hit a snag.

The interest is said to be coming from local and overseas groups.

A joint bid for Brierley Investments' 50 per cent stake in Sealord had been put together by the Treaty of Waitangi Fisheries Commission and South African frozen food giant Irvin and Johnson. Progress in the negotiations has been extremely slow and the bid has now been on the table for almost two months.

Sources said one key issue was preventing a deal and rejected speculation that price was the sticking point.

They said the requirement for Brierley Investments to exclusively consider the Maori-related deal had passed in recent days, and other bids were now being considered.

The Waitangi Fisheries Commission still holds pre-emptive rights before a sale can be completed, according to commissioner Whaimutu Dewes. He would not comment on the status of the joint bid, but said it was proceeding.

New Zealand's second major fishing company, Sanford, has previously signalled an interest in Sealord, through a joint venture with Nelson-based Amaltal. Their bid received Commerce Commission blessing in March.

A source said the price would have to come down for Sanford's interest to be rekindled.