The merger between Enza and T&G is likely to go through before year-end and could be followed by a stock exchange listing. The merger is subject to shareholder and regulatory approvals and would mean T&G acquiring Enza, although the Enza name will stay as the company's international marketing arm and its global brand. Shareholder approval will probably be sought at the T&G agm on November 8. Ecuadorian banana giant the Noboa Corporation has a 25 per cent share in T&G, which is a major player in NZ fresh produce supply and has also exported onions, squash, carrots and tomatoes to European, Asian and Australian markets.

Enza's ceo Michael Dossor, himself a former executive at T&G will head the merged company.

And according to NZ press reports, Enza and GPG chairman, Tony Gibbs has said kiwifruit is a possible target for the future. 'At the moment we're going to have our hands full getting this together and long-term kiwifruit is also a possibility,' he was reported in The New Zealand Herald.

A corporate raid on Enza in July 2000 by GPG and FR Partners changed the face of the previously single-desk-marketing top-fruit industry in New Zealand. A similar raid on the kiwifruit sector might be feasible in the long-term.

Topics