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Chinese fruit exporter acquires 20 percent of T&G shares
Chinese fruit exporter Golden Wing Mau Agricultural Produce obtained 19.99 percent of T&G shares. The Chinese giant offered a premium of 18 percent. With this purchase, Golden Wing Mau is the second largest shareholder of the New Zealand company.
The Chinese giant paid 2.95 dollar per share, and, by doing so, acquired 13.2 million shares of Bartel Holdings, the investment fund of late managing director Michael Dossor. For the same price, 11.3 million shares changed hands between Tiger Ventures and the Chinese company. The Chinese paid 72.2 million dollar for the shares, which is on top of the market value of 61.3 million dollar.
The New Zealand Turners & Growers is still owned by German BayWa. The German company owns 73 percent of shares. The Chinese purchase has yet to be officially approved. It is expected that the deal will be completed around 15 September.