Aust, offer for miller
PA Wellington Australian food group, Defiance Mills, Ltd, yesterday announced a takeover offer for the New Zealand company, Ireland Group, Ltd. Defiance Mills’ managing director, Mr Pat O’Brien, said the Ireland Group, with a turnover of about $5O million from flour, bread and stockfeed sales, would give Defiance Mills a turnover of over $2OO million. The Ireland Group board has recommended acceptance of the offer subject to approval by the New Zealand Commerce Commission and Overseas Investment Commission.
Defiance Mills already holds a 49.6 per cent beneficial interest in the Ireland Group capital.
The involvement in New Zealand would enhance the development of closer economic relations between Australia and New Zealand, Mr O’Brien said.
He said Defiance Mills had grown rapidly in recent years with expansion into the supply and promotion of frozen dough and pastry products, the development of a new flour mill in Victoria, and the continual growth in the supply of specialty flour products to Asia and the Pacific Islands.
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Press, 23 September 1987, Page 41
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167Aust, offer for miller Press, 23 September 1987, Page 41
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