NEW ZEALAND: Courts to rule on Foodland's takeover of Woolworths NZ Friday
Judges at a New Zealand High Court will rule tomorrow [Friday] on whether an overseas investment panel erred in approving plans for a US$338m takeover of grocer Woolworth's NZ by Australia's Foodland. The judicial review was sought by Foodstuffs, the leading grocer in New Zealand. On Tuesday, Foodland announced it had agreed to buy Woolworths NZ for NZ$690m (US$338m) from Hong Kong-based Dairy Farm International Holdings Ltd after months of court and competition hurdles.
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