Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


CORRECT: US billionaire Foley may buy Martinborough Vineyard

CORRECT: US billionaire Foley may buy Martinborough Vineyard

(Corrects second paragraph to show purchase would be through listed entity)

Feb. 3 (BusinessDesk) - American billionaire Bill Foley may add to his wine interests in the Wairarapa region with the acquisition of pinot noir pioneer Martinborough Vineyard Estates.

Foley, through NZAX-listed Foley Family Wines, hasn’t yet gone through the due diligence process and isn’t at the stage of agreeing a price for the Martinborough vineyard, said chief executive Mark Turnbull. The parties are aiming to complete the transaction by March 31.

The business would add to the Te Kairanga Wines company, just down the road in the town of Martinborough that Foley acquired in 2011. Foley has been expanding his wine interests while building what Turnbull has called a vertical integration strategy which has included taking a 24.9 percent stake in celebrity chef Simon Gault’s Nourish Group restaurant chain.

Martinborough Vineyard describes itself as a trailblazer in pinot noir in the southern Wairarapa, establishing its first vines in 1980 and helping build the region’s reputation for producing the notoriously fickle variety.

Foley Family stock was last at $1.70 and has gained 48 percent in the past year, outpacing the NZX 50 Index’s 15 percent gain.

Foley is following the pattern he mapped out in the US where he owns vineyards and interests in about 700 restaurants. His New Zealand holding company owns 80 percent of NZAX listed Foley Family Wines and a half stake in distributor EuroVintage. He also owns the luxury Wharekauhau lodge in the Wairarapa.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Our Fresh Water: Monitoring Report Confirms Serious Challenges For Rivers

• nitrogen levels are getting worse at 55 percent and getting better at 28 percent of monitored river sites across New Zealand • phosphorus levels are getting better at 42 percent and getting worse at 25 percent of monitored river sites across New Zealand More>>

ALSO:

Stats: Wind And Geothermal Emerge As Significant Sources Of Energy

Geothermal’s contribution to New Zealand’s total renewable energy generation increased from 11.5 percent in 2007 to 21 percent in 2015.... The value of wind jumped from $238 million (2 percent of total renewable energy generation) in 2007 to $884 million (6 percent) in 2015. More>>

Errors Found: Electricity Authority Dumps Transmission Pricing Modelling

The Electricity Authority is ditching the cost-benefit analysis at the heart of its controversial attempt to find a new way to divide up costs for the national grid after finding an expanding range of serious computational errors in the work by Australian consultancy Oakley Greenwood. More>>

ALSO:

New Record: Migrant Arrivals At 129,500 A Year

Annual net migration has been steadily increasing since 2012. "This was mainly due to the rising number of migrant arrivals to New Zealand," population statistics senior manager Peter Dolan said. "Fewer migrant departures also contributed to the increase in net migration." More>>

ALSO:

Launched: NASA's Super Pressure Balloon Takes Flight From NZ

NASA successfully launched its football-stadium-sized, heavy-lift super pressure balloon (SPB) from Wanaka, New Zealand, at10:50 a.m. Tuesday, April 25 (6:50 p.m. April 24 in U.S. Eastern Time), on a mission designed to run 100 or more days floating at 110,000 feet (33.5 km) about the globe in the southern hemisphere's mid-latitude band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news