BayWa has announced it intends to take over New Zealand fruit trader Turners & Growers (T&G).

The Munich-based trading and services company has agreed to buy 63% of shares in T&G, currently owned by the London-based Guinness Peat Group.

As required by New Zealand takeover regulations, the acquisition will be made as part of a takeover offer to acquire up to 100% of the issued share capital of T&G. BayWa expects the purchase price range will be between NZ$137m (US$102.4m) and NZ$216m.

The transaction is conditional on approval from the German Federal Cartel Office and the New Zealand Overseas Investment Office.

"The takeover is a ground-breaking step towards globalisation for BayWa", CEO Klaus Josef Lutz said.

"We will become one of the world's most important suppliers of fruit, as Turners & Growers is represented in all key markets on all continents. The door to Asia, the highest growth market for fruit, is now wide open for BayWa's fruit trading business."