The takeover of fresh produce exporter and marketer Turners & Growers by BayWa AG has been given the green light by New Zealand's regulatory body.
It means BayWa can buy 63 per cent of all Turners & Growers (T&G) shares that were owned by London’s Guiness Peat Group and gain control of the exclusive brand rights for the global cultivation and sale of the Jazz and Envy apple varieties as well as the ENZAGreen, ENZAGold and ENZARed kiwi varieties.
The Munich-based company also made an offer last November to all T&G shareholders to buy their shares for NZ$1.85 each.
BayWa’s CEO, Klaus Josef Lutz, will take over as chair of T&G’s Board of Directors.
Also joining the board will be Andreas Helber, BayWa’s chief financial officer, Dr Josef Krapf, BayWa’s board member responsible for the Agriculture and Fruit business units, and Dietmar Bahler, head of the Fruit business unit.
The takeover of the majority holding in T&G will enable BayWa to become a global player in the supply of fruit such as apple and kiwi.
Lutz said the existing shareholders that still remain on board now are expecting T&G - and therefore its share price - to continue to develop well with BayWa's involvement.
“This shows their confidence in us as the new majority shareholder", he said.
T&G operates as a trading platform for apples in South America, USA, South Africa, Asia and Europe.
It has a 70 per cent stake in Delica Limited, New Zealand's largest exporter of fresh fruit and sole exporter of ENZA dessert fruit to Asia.
Lutz said Asia will be T&G's largest growth market for fresh fruit. He said the T&G takeover will also allow BayWa to deliver fresh produce throughout the whole year.
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