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| Africa Subsaharan |
| Heinz Foods sells its Zimbob unit to gov't |
| 2007-09-04 |
| The Zimbabwean 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 The change in Olivine's ownership will see Cottco, the state-controlled cotton buying and processing enterprise, take control of the business. "This acquisition will add critical mass to the company while allowing the company to diversify from its traditional revenue streams and operating risks," said Pius Manamike, Cottco's company 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. |
| Posted by:Seafarious |
| #8 This also means that any computers, essential parts, etc., will be leaving the country soon, which means that the machines will run for five minutes then burn up. |
| Posted by: Anonymoose 2007-09-04 21:55 |
| #7 Wish their PR would come back and bite them in their collective asses. "Honey, I advanced today in the free market, my boss said "I was free to pursue better alternatives" Financial freedom at last. (Snark, snark, snark). |
| Posted by: Redneck Jim 2007-09-04 15:48 |
| #6 Better to get pennies on the dollar than see it get "nationalized" and get squat. I don't blame them. |
| Posted by: Dar 2007-09-04 15:47 |
| #5 Not like they were given a choice, just a "Feelgood" headline, spin it into a positive(Lie about it). |
| Posted by: Redneck Jim 2007-09-04 15:43 |
| #4 Honey, does this mean I can get that new boat? |
| Posted by: John Fn Kerry 2007-09-04 08:58 |
| #3 PT, a buck two ninety-eight US would be more than what they'd get 6 months from now. |
| Posted by: twobyfour 2007-09-04 02:05 |
| #2 So, if that's %6.8M Zimbo's, on todays exchange, a buck two ninety-eight US. If $6.8M US, that check will bounce. "This acquisition will add critical mass to the company while allowing the company to diversify from its traditional revenue streams and operating risks," Great Pius quote! Expect diversifying to Switzerland is next operating 'risk strategy', right after cotton soap intro, and the new get-rich-quick letter from a Nigerian laundry insider. |
| Posted by: Phinater Thraviger 2007-09-04 01:23 |
| #1 Ferris?, Kerry?, Teresa?, anyone? |
| Posted by: newc 2007-09-04 00:33 |