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Marlborough Lines has bought an 80 percent stake in Yealands Wine Group, New Zealand’s sixth-largest wine exporter, for $89 million. The South Island electricity lines company took control from founder Peter Yealands, who wanted to keep the winery fully New Zealand owned, the companies said in a joint statement. Marlborough Lines is debt free and had realised $100 million in cash from …

The New Zealand dollar touched a fresh five-year low after dairy prices fell to a six-year low in the GlobalDairyTrade auction overnight, paced by whole milk powder, the nation’s key export commodity. The kiwi touched 67.27 US cents and was trading at 67.41 cents at 8am in Wellington, from 67.95 cents at 5pm yesterday. The trade-weighted index dropped to 70.73 from …

Meridian Energy and Rio Tinto-controlled New Zealand Aluminium Smelters have extended their electricity agreement for another month, giving the Tiwai Point smelter owner a little more time to sort out its electricity needs. Wellington-based Meridian agreed with NZAS last night to extend the date the smelter owner can terminate their agreement until Aug. 3, while keeping all other terms unchanged, …

Veteran corporate raider Ron Brierley is bringing his latest investment vehicle, Mercantile Investment, to the NZX, with a listing scheduled for next week. The Sydney-based investment firm has been approved by stock market operator NZX for a compliance listing on July 6, it said in a statement to the ASX yesterday. The move makes it easier for New Zealand investors …

New Zealand’s largest primary sector businesses, including meat companies Silver Fern Farms and Alliance Group, seafood groups Sanford and Sealord, and milk processors Fonterra Cooperative Group and Miraka, are on a bootcamp in the US this week to work together on ways to add value to the country’s primary goods exports. The group of 50, which includes chief executives of …

It’s a pleasure to be back in Auckland. And it’s great to have friends with which we have so much in common, even as we celebrate some differences. For instance, we both play “football,” though we have not reconciled different understandings of whether that word means American football or rugby. Speaking of rugby, I was reliably informed that, despite the …

Kathmandu shares soared to a four-month high after Briscoe Group acquired a 19.9 percent stake and said it plans to make a full takeover, raising the prospect that managing director Rod Duke could use his skills to revive the struggling outdoor equipment and clothing chain. Kathmandu stock rose as much as 29 percent to $1.80, the price Briscoe paid institutions for most of the …

Briscoe Group, the retailer controlled by managing director Rod Duke, has acquired 19.9 percent of Kathmandu and said it plans to make a full takeover offer for the outdoor equipment and clothing chain. Auckland-based Briscoe said it picked up 4.99 percent of Kathmandu over time and has subsequently acquired 14.9 percent of the target from institutional investors for $1.80 a share. That …

Several Milford Asset Management funds are invested in beleaguered Australian law firm Slater & Gordon, whose share price dropped 25 percent yesterday after it said errors had been uncovered in the financial reporting of historical cash flow at its UK business. The ASX-listed law firm is in the middle of a A$1.3 billion acquisition of UK-based Quindell Plc, whose shares were suspended last week as regulators …

The NZ US Partnership Forum provided the opportunity to present recommendations for what should come next in the relationship between New Zealand and the United States. There was overwhelming support for New Zealand to lobby for entrepreneur visas, similar to the E-3 visas granted to Australians. New Zealand has a large pool of entrepreneurs that want to drive the creation …