Gibbs, who is also chairman of T&G told shareholders that the company is mature and would only grow by increasing its market share. The company's shares are already traded on the unlisted market, but the aim of GPG is to form a new body after merger with Enza and seek full listing on the New Zealand stock-exchange.

A meeting to enable shareholders to vote on whether to merge the two companies will be held in December. If the merger is approved, it is likely the new entity will be launched before year-end.

Turners & Growers is a large produce distributor within New Zealand whereas Enza has a well established world-wide sales operation. A merger of the two companies would be wholly complementary and could see an increase in range and variety of product lines marketed through Enza channels into established destinations such as the UK.

GPG owns 100 per cent of Enza shares and 46 per cent of Turners. Ecuadorian banana exporter The Noboa Corporation owns a further 25 per cent of T&G