13 Mar 2019

Wednesday's business news: What you need to know

12:27 pm on 13 March 2019

Latest - Shareholders of the tapware company, Methven, have approved a plan for the Australian-based manufacturer, GWA, to take it over, paying them $1.60 a share

Tap dripping water.

Methven tapware has approved a plan for GWA to take it over at $1.60 a share. Photo: 123RF

The proposal announced in December was approved by the overseas investment office last month and was put to investors at a special meeting yesterday.

Some investors questioned foreign ownership of the New Zealand company and the directors' motives for the deal.

The takeover now has one final hurdle - the High Court must approve it in a hearing at the end of this month.

If it does, the deal is expected to go ahead in April.

Restaurant Brands takeover offer extended

Mexico-based Finaccess Capital's offer to take control of Restaurant Brands is now unconditional with the offer extended to 26 March.

Finaccess has acquired nearly 62 percent of the fast food operator, but its target is 75 percent.

The company is offering $9.45 a share and Restaurant Brands has urged shareholders to accept the partial takeover offer.

Halifax used investor money to fund business - administrators

Collapsed Australian online trading company Halifax has a shortfall of about $20 million with investors being told the only feasible way to get their money back is to put the company into liquidation.

The administrators of the company said investors are $A19.7m ($NZ20.3m) out of pocket, which was about 9 percent of client funds.

Halifax, which offered online trading in financial derivatives such as futures and options, went into administration in Australia and New Zealand in late November.

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