NEW ZEALAND: New Zealand Wine Company gets shareholders' green light for Foley Family Wines merger
The NZWC and Foley Family Wines merger has moved a step closer
Shareholders of The New Zealand Wine Company (NZWC) have given the green light for Foley Family Wines to take an 80% stake in the group.
NZWC said today (14 August) that all resolutions relating to the "merger" were approved at a special shareholders meeting in Blenheim. Foley Family Wines still needs a rubber stamp from New Zealand's Overseas Investment Office for the deal to be completed.
But NZWC said in a statement: "The granting of shareholder approval was a key substantive condition precedent to the proposed merger."
The deal, first announced in June, will see California-based Foley add the Grove Mill, Sanctuary and Frog Haven brands to its portfolio. It also gives the company access to about 200 more hectares of vineyards in Marlborough.
Financial details behind the transaction have not been released.
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