Tuesday, September 04, 2007

Corporate take over of Heinz by Zim

LINK2
BBC:
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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