Foreigner bids for Richmond

Dunedin meat company PPCS yesterday warned shareholders of its North Island takeover target, Richmond, the entry of UK-based Bernard Matthews Ltd into the bidding war raises issues of foreign ownership of the meat industry.

The new bid is via North Meats which posted a restricted transfer notice that it intends to buy 24 million shares or 60% of the company.

Richmond said the bid was unexpected but acknowledged it had had a long relationship with another Bernard Matthews subsidiary, Advanced Foods Ltd.

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