Because of the pre-Christmas inertia the stock prices in New Zealand have declined. Gaining some momentum in the beginning they finally decline. The triggering point was when China's Agria Corp and New Hope Group came together and took control of PGG Wrightson.

The benchmark NZX 50 Index lost some 4.54 points or 0.13 per cent to end at 3,329.21.

In the index some 16 stocks lost steam, 17 remained unchanged and 17 others gained. The total turnover was $59.6 million.

Meanwhile, PGG Wrightson is the largest rural services provider in New Zealand and post the deal its prices went up by 14.6 per cent or 55 cents.

The shareholders have been asked to hold the stock till it gains 60 cents a share. This is said to happen after assessment of its partial takeover gets over.

Pyne Gould Corp which holds 18.3 per cent stake in Wrightson has signed a 'lock-up deed' with Agria which has more than 18 per cent in the company. That being the case, Agria will have to have just 13 per cent more stake to make it the majority shareholder.