Hawke's Bay Growers Mull McCain Takeover Bid
Growers in New Zealand's Hawke's Bay region are weighing a takeover bid involving Canadian frozen-food giant McCain, RNZ Business reported. The growers are consulting with stakeholders over contracted supply links and the future operation of the local plant.
Growers in New Zealand's Hawke's Bay region are weighing a takeover bid linked to Canadian frozen-food company McCain, RNZ Business reported. The process is bringing critical decisions about the future of contracted production lines in the region. Growers are consulting on supply pricing and plant capacity.
Hawke's Bay is one of New Zealand's largest producers of potatoes, squash and vegetable crops. McCain's existing supply contracts are a significant source of income for a large share of local growers. The terms of the bid have not been disclosed publicly.
Local economic representatives said the takeover process could materially affect employment and long-term investment plans in the region. The growers' association plans to clarify its members' position in the coming weeks. RNZ reported that the deal may need to go through review by New Zealand's Commerce Commission.
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