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Heinz Foods sells its Zimbob unit to gov't
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 2007-09-04 |
| http://www.rantburg.com/poparticle.php?ID=197919 |