The Overseas Investment Office has approved the merger of the struggling New Zealand Wine Company with Foley Family Wines NZ.
Shareholders in New Zealand Wine also approved the merger earlier this week.
Foley Family Wines, which is owned by American billionaire, Bill Foley, plans to take an 80% stake in the listed wine company, which markets the Grove Mill, Sanctuary and Frog Haven brands.
Foley Family Wines' brands in New Zealand include Clifford Bay, Goldwater and Dashwood, and Bill Foley also owns the exclusive Wharekauhau lodge in Wairarapa.
