T&G Global's Shareholder Mystery: How a Major Owner's Sale Plan Came to Light

In a move that has left investors and analysts scratching their heads, T&G Global — a New Zealand-based company that exports fresh produce to over 60 countries — found out in an unusual way that its majority shareholder, Germany’s BayWa, had put the company up for sale.

The revelation came not through a direct communication from BayWa, but via the Australian Financial Review (AFR), which reported on potential interest in acquiring the company. T&G Global was initially unaware of the speculation, but later confirmed the news after receiving BayWa’s annual report, which disclosed the company was up for sale.

Oliver Mander, Chief Executive of the NZ Shareholders’ Association, commented on the situation, calling it an example of a “hands-off” approach from the majority shareholder, which owns 74% of the company. He noted that while T&G Global has improved its disclosures over the past few years, it still lags behind in terms of shareholder engagement.

“If I were an independent director, I would be asking a few questions as to why it did not come up earlier,” Mander said, adding that the lack of transparency could raise concerns among shareholders.

T&G Global has been navigating a challenging period, exacerbated by the impact of Cyclone Gabrielle. However, the company has shown resilience, with strong demand for its premium Envy and Jazz-branded apples and higher global prices helping it recover. In its latest financial results for the year ending June 2025, the company reported improved financial progress, with the board expressing confidence in its strategy.

“We are fully aligned with management on the company’s outlook, and we look forward to updating the market and shareholders on August 8 with our half-year results,” said Frank Mangold, T&G Global’s Chairman, in an email to the Herald.

Meanwhile, T&G Global is also undergoing its own strategic review, with the company engaging Craigs Investment Partners to advise on potential options. The company has also invested heavily in infrastructure, with a $100 million state-of-the-art packhouse adjacent to its Whakatu site in Hawke’s Bay, aimed at boosting productivity and accommodating increased volumes of apple production.

Analysts have weighed in on the potential for interest in the company. According to AFR’s Street Talk, Australian fund manager ROC Partners “likes the look” of T&G Global, and the company could be a logical acquisition target for Macquarie Asset Management.

BayWa, which has a diverse portfolio spanning food, construction, and energy, has also been undergoing its own transformation, moving away from debt-financed expansion. Its CEO, Frank Hiller, has emphasized the company’s focus on a “fundamental transformation” and long-term sustainability.

Despite the speculation, the T&G Global share price has remained resilient, currently trading at around $2.05 — its highest level since October 2023.

Other Market Updates

While T&G Global is the headline story, other market players are also making waves. Brokers at Forsyth Barr have raised their net profit forecast for the Port of Tauranga (POT) for 2026 by 3% to $146 million, citing continued favorable pricing conditions.

For Ryman Healthcare (RYM), Forsyth Barr has welcomed the latest first-quarter sales update, noting that forward-looking contracted sales are showing signs of recovery and reducing the risk of inventory build-up.

Meanwhile, Jarden has provided its analysis of Meridian and Mercury’s operating stats for June, with both companies seeing a decline in their EBITDA figures for 2025 compared to 2024. However, Jarden has reaffirmed its overweight rating on Mercury, citing its discounted valuation.

Meridian, on the other hand, has been assigned a neutral rating by Jarden, with no changes to its target price of $6.47.

Other developments include the High Court’s approval of a scheme of arrangement under which Meridian will acquire all of the shares in NZ Windfarms, with implementation expected on July 30, pending customary conditions.

As T&G Global and other market players continue to navigate their respective challenges and opportunities, investors are watching closely to see how these developments will shape the future of the New Zealand market.