NZ: BayWa takeover of T&G gets regulatory approval

Top Stories
NZ: BayWa takeover of T&G gets regulatory approval

German agricultural giant BayWa has crossed the final hurdle for its takeover of New Zealand's largest fruit growing and exporting company Turners & Growers.

New Zealand's Overseas Investment Office announced yesterday it has accepted the takeover bid launched last year, which had already gained German Federal Cartel Office approval.

T&G chairman Rob Campbell said the announcement resolved a period of uncertainty for shareholders, staff and suppliers.

"The board and management are looking forward to completion of the acquisition and working with the new controlling shareholder.

"We all see a growing and strong future for the business working with BayWa globally to grow the presence of New Zealand products around the world and an efficient fruit and produce market in New Zealand," he said.

BayWa's chief executive officer Klaus Lutz, views the takeover as a key step towards expanding into Asian markets with investments in T&G's Enza and Delica operations.

Lutz will become chair of T&G's board with additional members including BayWa's chief financial officer Andreas Helber and Dr Josef Krapf, responsible for the agriculture and fruit business units, and Dietmar Bahler, head of the fruit business unit.

Related stories: Takeover of T&G moves a step closer

Subscribe to our newsletter