German fruit supplier BayWa Aktiengesellschaft has made a takeover bid for New Zealand’s 114-year-old horticulture giant Turners & Growers (T&G).
Baywa has offered NZ$137.4 million (£67.4m) for T&G, which is owned by investment company Guinness Peat Group (GPG).
The deal values T&G at $216.5m and, if completed, would see the German corporation acquire not only a leading supplier of apples and kiwifruit, but also some of the fresh produce industry's major names including Enza, Delica and Kerifresh.
It would also gain shareholdings in two major international importers - UK-based Worldwide Fruit and US company Oppenheimer - and the rights to produce and market key protected topfruit and kiwifruit varieties like Jazz, Envy, Summerkiwi, EnzaRED, EnzaGREEN and EnzaGOLD.
The group would also be provided with ready-made channels into key, emerging markets in Asia, as well as boosting its position in other parts of the world.
"The takeover is a ground-breaking step towards globalization for BayWa," said Klaus Josef Lutz, chief executive officer and board chairman of BayWa.
"We will become one of the world's most important suppliers of fruit, as Turners & Growers is represented in all key markets on all continents. The door to Asia, the highest growth market for fruit, is now wide open for BayWa's fruit trading business."
The Munich-based giant's interest had been rumoured for some time.
Other companies understood to have considered bidding for the group included US private equity firm Paine & Partners, leading Australian grower-packer Costa Exchange and an unnamed Japanese firm, although no official confirmation of such interest was forthcoming.
No comments yet