China's Golden Wing Mau buys 19.99% of T&G Global
Golden Wing paid $2.95 a share for 13.2 million shares from Bartel Holdings.
Chinese fruit exporter Golden Wing Mau Agricultural Produce has built up a 19.99% stake in T&G Global [NZX: TGG], paying an 18% premium to make it the second biggest shareholder in the local company.
Golden Wing paid $2.95 a share for 13.2 million shares from Bartel Holdings, the vehicle of former managing director Michael Dossor, who died earlier this year, and the same price for 11.3 million shares from Tiger Ventures NZ, which was used to house Scales Corp's stake in T&G and is largely owned by private equity firm Direct Capital. The Chinese company's $72.2 million acquisition of shares is above the market value of $61.3 million, or $2.50 a share.
Fruit exporter T&G is still controlled by Germany's BayWa, which owns about 73% of the company and is bedding in a number of acquisitions from recent years.
The transaction is subject to Chinese regulatory approvals and is expected to settle on or before September 15.
Golden Wing Mau merged with Joyvio Group in December last year to create China's biggest integrated fresh fruit business, with annual sales of five billion Chinese yuan.
First NZ Capital acted for the Chinese company.
(BusinessDesk)
Paul McBeth
Mon, 11 Jul 2016
Mon, 11 Jul 2016
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China's Golden Wing Mau buys 19.99% of T&G Global
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