Daiken ups ownership of NZ MDF operationJapanese wood and building products company Daiken Corp. has increased its stake in an MDF plant near Rangiora in North Canterbury, New Zealand, to 85.1%. Daiken formed a joint venture with Japanese conglomerate Itochu Corp. to purchase the plant in 2009 from Carter Holt Harvey and New Zealand billionaire owner Graeme Hart, Stuff.co.nz reported on May 5. At the time of the purchase, Itochu and Itochu New Zealand held a combined share of 49% and Daiken held a majority 51% stake. Last week, the Overseas Investment Office confirmed that consent had been granted for Daiken to take up to 85.1% of the JV. The decision summary said Daiken was paying NZ$10.6 million for the increased ownership. Source: Stuff.co.nz |
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