9 Mar 2012

German firm finalises Turners and Growers stake

2:50 pm on 9 March 2012

The German company which launched a multi-million dollar takeover for Turners & Growers, has secured 73% of the firm.

BayWa was offering $1.85 a share for the firm.

It has received acceptances for more than 85 million shares.

BayWa secured Guinness Peat Group's 63% holding last year.

The offer closed on Wednesday night, after the majority takeover was cleared by the Overseas Investment Office.

BayWa chief executive Klaus Lutz will take over as the chair of Turners &Growers' board.