New Zealand's a2 milk drops 4%, gives up some buyout-fuelled gains

A2 Milk

26/01/2022 03:20

** Shares of a2 Milk  ATM.NZ  slide 4% to NZ$5.56, giving up
some gains in the previous session on takeover interest 
    ** On Tuesday, a column https://www.theaustralian.com.au/business/dataroom/a2-milk-jalna-dairy-foods-in-spotlight-as-saputo-goes-shopping/news-story/83a1679faca82f77bc3da33c5abe7625
 by the Australian said a2 could be one of two possible buyout
targets for Canadian dairy firm Saputo  SAP.TO  
    ** Shares rose 6.2% on Tuesday 
    ** The NZ dairy firm has been considered a possible buyout
target for a while after it lost more than two-thirds of its
market value in over a year due to demand concerns in its
biggest market China  urn:newsml:reuters.com:*:nL1N2MW0HS urn:newsml:reuters.com:*:nL4N2PN1E1
    ** a2 now has a market value of NZ$4.16 bln ($2.78 billion),
compared with NZ$16.16 bln at its peak in Aug 2020 
    ** As of last gains, stock is down 2.4% this year


($1 = 1.4972 New Zealand dollars)

 (Reporting by Navya Mittal)
 ((Navya.Mittal@thomsonreuters.com;))