Business analysts are describing the latest developments in the PGG Wrightson takeover saga as “wheels within wheels.”

Following the Overseas Investment Office approval of a 60 percent takeover of the rural services giant earlier this month, details of the joint venture behind the bid have emerged, as the bid went unconditional on Tuesday morning.

Initially, the details around the takeover offer were sketchy at best, with Singapore based company Agria announcing they had been given clearance for a 50.1 percent stake in the company earlier this month.

Since then, though, specifics around the bid and the OIO decision have emerged, regarding the involvement of loanee LIC corporation and the shareholding of Ngai Tahu Holdings.

Livestock Investment Corporation CEO Mark Dewdney has said his company would consider investing only into a separate agri-tech branch of PGG and not the current share structure.

 “We already see a number of opportunities to work with [PGG] in New Zealand and overseas.

“If the [PGG] board ever decided to split the business off, we’d be interested in having a look at whether there were opportunities to go beyond just collaborating on projects with them.”

Craigs Investment Partners broker Chris Timms says if the new majority shareholders want to split the company up, they would have to meet the market requirement of 75% support, which is unlikely in the short term.

 “At this stage, any company that gets 50.1% of a business is looking at heading towards the 75% mark.

“It gives them seats on the board, and direction around how it will operate, but doesn’t give them complete control over the operation of the company.”

Chris Timms says an announcement around share scaling should come out over the next few days after the deal is finalised.