NZ: Frucor shareholders clear the way for Danone takeover
French food giant, Danone, has declared its NZ$294m takeover of New Zealand drinks group Frucor Beverages unconditional, having received acceptances from 90% of shareholders.
Danone will now compulsorily acquire the remaining shares and delist the company.
"We believe that this outcome is in the best interests of Frucor's long-term future and look forward to working with the management of Frucor to realise the potential of the company's great brands on a global scale," Danone's Asia managing director Simon Israel said.
The bid, originally launched in October, gathered pace last week when the Frucor board changed its mind and recommended shareholders accept the bid. Frucor produces the energy drink "V" as well as bottled water, fruit juices, and "new age" beverages.
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