Billionaire Bill Foley to take control of NZ Wine Co
Billionaire Bill Foley to take control of NZ Wine Co
Jun 28, 2012 6
(BUSINESSDESK)- Foley Family Wines, owned by the California-based billionaire Bill Foley, is to take control of New Zealand Wine Company, adding the Grove Mill, Sanctuary and Frog Haven brands to its suite of local wines.
The merger which will see Foley take an 80% stake in NZ Wines Co, and is subject to shareholder approval and consent from the Overseas Investment Office, the company said.
Shareholders will vote at a special meeting on August 14.
In December, Marlborough-based NZ Wines agreed to undertake a capital raising process for a minimum of $5 million to reduce its debt.
Comments