Takeover of T&G moves a step closer
German trading giant BayWa Group looks set to acquire New Zealand fruit exporter Turners & Growers (T&G) following a decision by majority shareholders to accept the NZ$1.85 (US$1.5) share offer.
New Zealand's Overseas Investment Office and the German Federal Cartel Office need to approve the deal before it can go ahead.
T&G has set up an independent committee of directors which will advise shareholders about the merits of the BayWa offer.
BayWa is Germany's largest pip fruit supplier employing 16,000 people and last year recorded revenues of 8 billion euros (US$11 billion).
BayWa intends to continue to run T&G as a standalone entity and will be focussing on increasing returns to apple growers.
T&G employes 1,400 staff and last year recorded sales of NZ$599 million (US$471 million).