UK food manufacturer Associated British Foods is to buy the remaining 18.75% stake in Australia’s George Weston Foods that it does not already own.
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George Weston Foods makes bread and biscuits including Tip Top, Ryvita, Wagon Wheels and Chocolate Wheatens. Shares in the company will be delisted from the Australian Stock Exchange and the company will become a wholly-owned subsidiary of ABF, which is based in London.
More than 99% of George Weston’s minor shareholders agreed to sell all outstanding company stock to ABF in a meeting held last Friday. George Weston chairman John Pascoe said that none of the company’s 6,500 employees in Australia are likely to face redundancy.
Pascoe continued: “What’s proposed is that things will continue as they are in the immediate future […] Obviously in the longer term ABF will need to look at what changes, if any, they want to make.”
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