3 Mar 2015

Business briefs

2:42 pm on 3 March 2015

Australian court approval makes way for Wilmar International deal

Goodman Fielder said the Federal Court of Australia has approved the scheme of arrangement so that Wilmar International and First Pacific can complete its $1.3 billion Australian dollar takeover.

Goodman's brands include MeadowLea, Edmonds and Meadow Fresh.

The food company said once a copy of the court's order is lodged with the Australian Securities and Investments Commission, it will apply to have its shares suspended from trading on the ASX and NZX.

Worldwide property values jump

Figures from QV show nationwide residential property values for February have jumped 6.4 percent in the past year.

It said prices have climbed just over 3 percent in the past three months.

QV said prices in Auckland have risen 13 percent year-on-year.

QV's data measures settled sales and is prepared on a three-month rolling average basis, so lags that of the Real Estate Institute by several months.

BurgerFuel opens another Australian store

BurgerFuel has opened its third Queensland restaurant, bringing the total number of stores in Australia to six, with plans to open another before the end of the financial year ending in March.

The company now has a total of 70 stores in New Zealand, the United Arab Emirates, Saudi Arabia, Egypt and Kuwait.

Bank of China joins NZ Bankers' Association

The Bank of China's New Zealand arm has joined the New Zealand Bankers' Association, bringing the total number of member-banks to 15.

It is the first Chinese bank to join the association.