A proposed merger of two of New Zealand's leading kiwifruit players, Satara and EastPack, has been given the green light following a second vote on the issue this week.
According to several media reports in the country, an 88 per cent majority of Satara shareholders voted in favour of the merger – EastPack shareholders had already voted overwhelmingly in favour of the move in February.
Ahead of the 20 March merger, a trading halt on Satara investor shares has come into place.
The combined outfit is expected to pack some 25-27m Class One trays of kiwifruit this year, representing 27-30 per cent of the country's kiwifruit production.
"The merger provides the ability to fully utilise some of the industry's most modern, efficient packing and coolstore sites to maximise returns to grower shareholders in these difficult times," said Satara chairman Hendrik Pieters and EastPack chairman Ray Sharp.