BayWa acquires majority stake in Turners & Growers

BayWa AG from Germany has taken control of Guinness Peat Group, majority shareholder of the company Turners & Growers.

BayWa bought 63.46% of Guinness Peat Group for about $137 million. The acquisition is made through a tender offer to acquire up to 100% of T & G. The transaction must be approved by the German Federal Office and the Overseas Investment in New Zealand.

BayWa AG intends to continue to operate Turners & Growers as an autonomous entity. The presence of Turners & Growers on five continents allows BayWa to expand its fruit offering and to access growing markets, particularly in Asia.

source : new zealand herald, sunlive co nz