Australia’s biggest horticulture business,Costa Group,will be bought out by its former owner Paine Schwartz,which helped it float on the ASX in 2015.
Barely two days into the new financial year,two of Australia’s biggest ASX-listed food companies are on the takeover map,and there’s more action ahead.
Australian horticulture giant Costa Group confirmed it received an unsolicited takeover proposal by Paine Schwartz,but said no deal has been struck yet.
Costa Group’s avocado business has been unprofitable for two years running,so it will lean more heavily into berries,citrus and export markets instead.
Aussies will always need to buy fresh fruit and vegetables,keeping demand for Costa Group’s products strong – but is this also true for its share price?
US private equity firm Paine Schwartz Partners grabs a 13.8 per cent stake in Australia’s largest horticulture grower.
Excessive rainfall and lower temperatures,brought on by La Niña,has got Australia’s largest fresh food producer worried.
Avocado and berry grower Costa Group is the latest Australian company to fall victim to cyber thieves.
Costa Group CEO Sean Hallahan has stepped down,effective immediately,sending the company’s shares sliding.
The chief of Australia’s largest fresh produce grower is calling on the Albanese government for assistance as an oversupply of avocados continues to hurt the industry.
Costa Group tumbled sharply at the opening of Monday’s trading session,forcing the ASX to implement a trading halt.