Billionaire Foley wins vote for control of NZ Wine Co

Tue, 14 Aug 2012

By Hannah Lynch Aug. 14 (BusinessDesk) - Foley Family Wines, owned by the California-based billionaire Bill Foley, will take control of New Zealand Wine Company, adding the Grove Mill, Sanctuary and Frog Haven brands to its suite of local wines. NZ Wine Co shareholders approved the merger at a special general meeting in Blenheim today, with about 99 percent of votes cast in favour, the company said in a statement. The merger, which will see Foley take an 80 percent stake in the Marlborough-based company, has not yet been approved by the O...

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