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Zimbabwe takes over H.J. Heinz oil firm stake

HARARE
Mon Sep 3, 2007 5:01am EDT

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HARARE (Reuters) - Zimbabwe's government has taken over U.S food giant H.J Heinz's (HNZ.N) 49 percent stake in the African nation's leading cooking oil maker for $6.8 million and handed its management to a firm with ties to the state.

Mergers & Acquisitions

Agro-processing company Cotton Company of Zimbabwe (Cottco), which was a state enterprise until its privatization in 1997, announced it had bought H.J Heinz's stake in Olivine Industries in a deal facilitated by a government-owned investment company.

This is the first major deal involving the takeover of a firm following President Robert Mugabe's vow to give Zimbabweans greater control over foreign-owned assets. Mugabe's government has accused some businesses of halting production in a plot to undermine the inflation-ravaged economy.

Zimbabwe's parliament is considering enacting a law that seeks to transfer majority ownership of businesses --including foreign-owned banks and mines -- to locals.
Mergers & Acquisitions


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