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Chinese firm grabs stake in T&G

NZ NewswireNZ Newswire 11/07/2016 Paul McBeth

Golden Wing Mau Agricultural Produce has built up a 19.99 per cent stake in T&G Global to become the second biggest shareholder in the local fruit exporter.

Chinese fruit exporter Golden Wing paid $2.95 a share for 13.2 million shares from Bartel Holdings and the same price for 11.3 million shares from Tiger Ventures NZ.

The Chinese company's $72.2 million acquisition of shares is above the market value of $61.3m, or $2.50 a share.

T&G is still controlled by Germany's BayWa, which owns about 73 per cent of the company and is bedding in a number of acquisitions from recent years.

The transaction is subject to Chinese regulatory approvals.

Golden Wing Mau merged with Joyvio Group in December last year to create China's biggest integrated fresh fruit business, with annual sales of 5 billion Chinese yuan.

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