Archive for Wednesday, November 3, 1999

FARMLAND-CENEX MERGER FACES OPPOSITION

November 3, 1999

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Farmland-Cenex merger

faces opposition

The North Dakota Farmers Union, long affiliated with Cenex Harvest States, is fighting the cooperative's planned merger with Farmland Industries Inc.

Tuesday's vote by union leaders to oppose the $16.8 billion merger follows an previous opposition vote by the North Dakota Cooperative Directors Assn., which is made up of 75 Cenex-affiliated co-ops.

At issue: Farmland's debt and multimillion-dollar bonuses for executives, the union said.

"We don't want a bad marriage to ruin the equity we have built," said Robert Carlson, union president.

The merger would create United Country Brands, an agribusiness giant to be headed by Lawrence resident Bob Honse.

Members will consider approving the merger this month.

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