Tuesday, September 04, 2007

Corporate take over of Heinz by Zim

government has taken control of one of the country's leading food processors by buying out US firm HJ Heinz.

The state will buy Heinz's 49% stake in Olivine Industries, which makes cooking oils, fats and soaps, for $6.8m.....

New laws which would force foreign-owned businesses to sell a majority stake in their operations to black-owned Zimbabwean firms are set to come into force within months.

Officials said the Olivine deal had been under discussions for some time and pre-dated the planned shift in ownership rules.

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