New Zealand’s richest man, Graeme Hart, is attempting to buy the remainder of Australian food and ingredients business Burns Philp for about A$1.3bn (US$992.26m).

Majority shareholder The Rank Group, privately owned by Hart, will offer A$1.1 a share for the 58% in minority holdings.

Hart is currently chairman of Burns Philp, which just posted a 23% drop in annual profit to A827.1m.

This reflected the A$699.2m sale of the baking, spreads and oils business Goodman Fielder and other divestments.

Burns Philp shares closed up at A$1.09 today (30 August).