Baywa’s takeover bid for New Zealand fresh produce exporter Turners & Growers is facing interference as another company has bought shares in the firm.
Fruit marketer Scales Corporation has purchased a six per cent stake in the listed group and is making moves to buy another four per cent, stuff.co.nz reported.
Scales’ Mr Apple business is New Zealand's largest integrated grower, packer and exporter of apples but the company has told New Zealand’s stock exchange it has no plans to compete to take over Turners & Growers (T&G).
"Scales is supportive of Turners & Growers remaining listed on the New Zealand Stock Exchange with strong minority shareholder representation," the company said.
"Scales is interested in exploring whether there are opportunities for industry consolidation and enhanced grower and industry returns."
Scales chief executive Andy Borland said his firm had always wanted industry rationalisation and Baywa's move had prompted its purchase, stuff.co.nz reported.
"Turners & Growers group is a big customer of ours and we do a lot of business together," he said.
Baywa made its takeover bid after buying 63.5 per cent of T&G from investment company GPG.
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