Just a few weeks ago, the takeover of the traditional New Zealand company Villa Maria by the country's largest apple producer, Scales Corporation, seemed to be a done deal. Now New Zealand media report that the corporation has withdrawn its bid.
"Scales Corporation Limited (Scales) today announces that it is no longer participating in the sale process for Villa Maria. Due diligence and other transaction costs incurred during the process will be recognised in Scales' half-year results to 30 June 2021," it said in a statement to the New Zealand Stock Exchange NZX.
In May, it was announced that Villa Maria's parent company, FFWL, had been placed in receivership. However, Villa Maria's business is not affected by this, and it is said the winery is working profitably. aw