Latest news with #BayWa
NZ Herald
17-07-2025
- Business
- NZ Herald
Up for sale: The unusual way NZX-listed T&G Global found out its major shareholder was selling up
'Their disclosures have gotten better over the last three or four years, and that's commendable, but it is certainly not the most engaging of companies listed on the NZX from a shareholders' perspective. 'If I were an independent director, I would be asking a few questions as to why it did not come up earlier.' Like many in the horticulture sector, T&G Global took a hit from Cyclone Gabrielle. In its latest result, T&G Global said high demand for T&G Global's premium Envy and Jazz-branded apples, coupled with higher pricing in global markets, helped it bounce back from the impact of the cyclone. For the year ending December 2024, the company recorded a loss before tax of $6.8 million, compared with a pre-tax loss of $64.2m in 2023, and an operating profit of $12.7m (the previous year's loss was $45.6m). In response to an open letter to shareholders circulating on social media platform X that was critical of the company's performance, T&G Global chairman Benedikt Mangold said the board was confident in the company's strategy 'and we continue to be pleased with our financial progress'. 'We are fully aligned with management on the company's outlook, and we look forward to updating the market and shareholders on August 8 with our half-year results,' he said in an email to the Herald. Mangold said if shareholders had any concerns, they had not been raised at the company's annual meeting in May. Strategic options T&G Global, which sells fresh produce to more than 60 countries, is itself going through a process to consider its strategic options and has engaged Craigs Investment Partners to advise it. Late in 2021, the company announced it would spend $100m on a new state-of-the-art packhouse adjacent to its Whakatu site in Hawke's Bay. As well as improving productivity, the new facility would allow T&G to accommodate increasing volumes of Envy and other apple varieties. AFR's Street Talk said Australian fund manager ROC Partners 'likes the look' of T&G Global. The paper also said T&G Global would be a logical bolt-on for Macquarie Asset Management. In BayWa's annual report, new chief executive Frank Hiller said the company was embarking on a 'fundamental transformation' bringing an end to its debt-financed expansion. BayWa, which has interests ranging from food to construction and energy, first made its play for the then Turners and Growers in 2011, with the intention of a complete takeover. A pre-bid agreement with shareholder Guinness Peat Group meant it already had 63.5% of the shares locked up. The offer was for all shares in NZX-listed Turners & Growers at $1.85 a share, valuing the company at $216.5m. But rather than go to 100%, BayWa was persuaded to remain a majority owner, allowing minority shareholders to stay on the register and for Turners and Growers to retain its NZX listing. Meanwhile, speculation over T&G Global's future has not done its share price any harm. The stock now trades at around $2.05 – its highest point since October 2023. Port of Tauranga upgrade Brokers Forsyth Barr say the favourable pricing backdrop for Port of Tauranga (POT) continues, with the company set to materially increase its access pricing at MetroPort from September 1. 'Its vehicle booking system charge will rise by more than 100%, which we estimate will contribute incremental annualised revenue of $9m, assuming no volume offset,' the broker said. 'Pricing remains POT's key lever in lifting its return on invested capital above its 7% target by 2028, particularly given: (1) container terminal capacity constraints; and (2) the pricing behaviour of key competitor, Port of Auckland.' Forsyth Barr has raised its net profit forecast for 2026 by 3% to $146m and has left its 2027 forecast unchanged at $168m. Encouraging Ryman Forsyth Barr has welcomed Ryman Healthcare's (RYM) latest first-quarter sales update. Encouragingly, forward-looking contracted sales continued to recover, it said. 'One swallow does not make a summer, but we view this as an important step in de-risking the investment case,' the broker said. 'The key risk since RYM's pricing strategy change and dramatic drop-off in sales has been that it would build resales inventory at a high rate, forcing RYM to buy back units – creating a meaningful cash flow drag. 'Current resales levels remain insufficient to halt inventory build, but this update is a clear step in the right direction and should materially reduce the rate of inventory build.' Powering down Jarden has released its analysis of Meridian and Mercury's operating stats for June. It said Meridian's figures imply 2025 earnings before interest, tax, depreciation and amortisation (ebitda) of $612m, down from $905m in 2024. Mercury's update implies 2025 ebitda of $768m, down from $877m reported in 2024. 'We retain our $7.40 target price for Mercury and reaffirm our overweight rating, reflecting discounted valuation.' Listing the potential risks for Mercury, Jarden cited regulatory changes, transmission pricing methodology adjustments, wholesale spot price fluctuations and higher-than-historical inflows into its hydro generation from Lake Taupō down the Waikato River chain. The firm maintains a neutral rating on Meridian, with an unchanged target price of $6.47. Among the risks, Jarden again listed regulatory changes for Meridian. Annual results from Mercury are due on August 19 and August 27 for Meridian. Meanwhile, the High Court this week approved a scheme of arrangement under which Meridian will acquire all of the shares in NZ Windfarms. Provided the remaining customary conditions are satisfied or waived, implementation of the scheme will occur on July 30, Meridian said. Jamie Gray is an Auckland-based journalist, covering the financial markets, the primary sector and energy. He joined the Herald in 2011.
Yahoo
16-07-2025
- Business
- Yahoo
T&G Global mulls options with main investor eyeing sale
New Zealand-based fresh-produce company T&G Global has said it is up for sale with its major shareholder looking to offload its stake. German conglomerate BayWa owns around 73% of the company, which cultivates and supplies fruit and vegetables distributed locally and internationally. T&G Global is listed on the New Zealand stock exchange and, on Friday (11 July), the company issued two announcements to the market. The first filing said the group had 'received a large number of expressions of interest in its business' after BayWa's announcement in December it was reducing its investments as part of wider corporate changes at the German group. BayWa, which does business in sectors including building materials and renewable energy, ended 2024 with a loss of around €1.6bn ($1.86bn). 'At this time, T&G Global is not aware whether BayWa has made a decision about its shareholding in T&G Global,' the filing read. 'T&G Global is itself going through a process to consider its strategic options. This includes sharing initial business information to determine if, at a potential stage in the future, it is appropriate to explore any form of sales process for any of its divisions.' The group said it had hired Craigs Investment Partners and would 'update the market accordingly'. Under seven hours later, T&G Global did make another update. 'T&G Global has now had the opportunity to review BayWa's consolidated financial report 2024 received overnight. It is noted in that report that BayWa is endeavouring to refocus on its traditional core business and that T&G Global group, as well as other businesses, are up for sale as part of a long-term reorganisation,' the company said. BayWa, which said in December it was weighing up selling its stake in T&G Global, confirmed in the report, published last Wednesday, it was looking for a buyer. 'For overall strategic reasons, the BayWa group is endeavouring to refocus on its traditional core business.' Proceeds will be used to pay down debt. Citing unnamed sources, The Australian Financial Review has reported that ROC Partners, an investor in Australia's agriculture sector, is interested in T&G Global. ROC Partners has investments in Wagyu beef, eggs, and almonds through Stone Axe Pastoral Company, Pace Farm and Lachlan River Almonds. T&G Global operates in 13 countries and distributes fresh produce in more than 55 markets. The company supplies citrus, berries, tomatoes, and packs various vegetables for its partners. Its brands include Lotatoes, Beekist tomatoes, and Orchard Rd. In 2024, the group reported a revenue of NZ$1.36bn ($809.5m), a 2.2% increase from 2023. The company's full-year loss before tax narrowed to NZ$6.8m, compared to a NZ$64.2m loss in 2023. It reported an operating profit of NZ$12.7m, as against a loss of NZ$45.6m in 2023. "T&G Global mulls options with main investor eyeing sale" was originally created and published by Just Food, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
22-06-2025
- Business
- Yahoo
Tigo Energy and BayWa r.e. Empower High-Wattage C&I Solar in Thailand
At annual ASEAN Sustainable Energy Week 2025, Tigo and BayWa r.e. collaborate on optimization, monitoring, and rapid shutdown solutions for C&I solar in Thailand. CAMPBELL, Calif., June 22, 2025--(BUSINESS WIRE)--Tigo Energy, Inc. (NASDAQ: TYGO) ("Tigo" or "Company"), a leading provider of intelligent solar and energy software solutions, today announced that the Company will share a trade show booth with BayWa r.e. at the annual ASEAN Sustainable Energy Week 2025, from July 2-4, at the QSNCC in Bangkok, Thailand. At the show, Tigo will focus on supporting Commercial and Industrial (C&I) solar installers and engineering, procurement, and construction specialists (EPCs) as enforcement of new rapid shutdown requirements begins, deploying high-wattage modules in high-irradiance regions, and ensuring Total Quality Solar (TQS) through Tigo service programs. For solar projects in hot, humid, and high-irradiance (>1000W/m2) regions like Southeast Asia, the Tigo TS4-X family of MLPE devices provides the latest in optimization, monitoring, and safety for solar installers deploying high-wattage modules, including supporting the increased backside gains of modern bifacial modules. The TS4-X product line gives installers more freedom to deploy the modules that deliver the power and performance for their customer deployments, reduce labor costs with a no-bolt design and no need for additional ground wiring, and contribute to improving Levelized Cost Of Energy (LCOE) in the large-scale solar sector. Tigo MLPE devices pair with an industry-leading list of third-party solar inverters to deliver design and installation flexibility for solar installers and EPCs. "Thailand's rooftop solar market is growing rapidly and so is the demand for safer, smarter systems," said Junrhey Castro, managing director at BayWa r.e. Solar Systems. "As a regional distributor, we're committed to supporting this growth with reliable solutions that protect both the performance and investment of our customers. Having Tigo in our product portfolio reflects our focus on quality and innovation for solar professionals across Thailand and Southeast Asia." In Thailand, Tigo will also invite installers to enroll directly in the Tigo Green Glove service program at the BayWa r.e. booth. The Green Glove service program is a premium support experience for installers of commercial and industrial (C&I) systems that enhances the installer experience and drives quality across the solar value chain with a process that includes a set of formalized support engagements for Tigo C&I installers before, during, and after the installation. "Strong collaboration between global companies like BayWa r.e. and Tigo is part of what makes the solar ecosystem work for more installers and EPCs around the world," said Jing Tian, chief growth and revenue officer at Tigo Energy. "As with many of the pro-solar nations in Asia, we believe that products like the TS4-X and programs like Green Glove make great strides in further driving LCOE down, and Total Quality Solar up, respectively. In regions with higher-than-normal irradiance values in particular, these dynamics benefit the entire industry, from equipment manufacturer to installer, and on to the operators and asset owners." ASEAN Sustainable Energy Week 2025 attendees are invited to visit BayWa r.e. and Tigo at booth F11 from July 2-4, at the QSNCC in Bangkok, Thailand. To book an appointment with a Tigo specialist at the show, please register your interest here. About Tigo Energy Founded in 2007, Tigo Energy, Inc. (NASDAQ: TYGO) is a worldwide leader in the development and provider of smart hardware and software solutions that enhance safety, increase energy yield, and lower operating costs of residential, commercial, and utility-scale solar systems. Tigo combines its Flex MLPE (Module Level Power Electronics) and solar optimizer technology with intelligent, cloud-based software capabilities for advanced energy monitoring and control. Tigo MLPE products maximize performance, enable real-time energy monitoring, and provide code-required rapid shutdown at the module level. The company also develops and provides products such as inverters and battery storage systems for the residential solar-plus-storage market. For more information, please visit View source version on Contacts Technica Communications for Tigo EnergyLuis de LeonEmail: tigoenergy@
Reuters
19-06-2025
- Business
- Reuters
UK government gives go-ahead for BayWa solar project
LONDON, June 19 (Reuters) - The British government has given development consent to a 140 megawatt (MW) solar farm in South Derbyshire in England, the UK's Planning Inspectorate said on Thursday. The Oaklands Farm solar park, which is being developed by renewable energy developer BayWa ( opens new tab, will also have up to 37.5 MW of battery storage capacity. The project will generate enough renewable power to supply around 35,000 homes, BayWa said in a separate release. Construction, which is expected to cost around 80 million pounds ($107 million), will start in 2026. ($1 = 0.7449 pounds)
Reuters
10-06-2025
- Business
- Reuters
BayWa sells Dutch unit Cefetra for $143 million to trim debt
June 10 (Reuters) - Embattled German trading group BayWa ( opens new tab has sold its grain and oilseed trading unit Cefetra to Dutch company PGFO for about 125 million euros ($143 million) as part of an effort to cut its debt burden, it said on Tuesday. Baywa Group will get about 61 million euros more as part of Cefetra's refinancing, resulting in a total cash inflow of about 186 million euros. Further, the deconsolidation of the Dutch unit will cut BayWa's bank liabilities by about 500 million euros. Last week, the German agricultural supplies trader said its restructuring plan, including job cuts, was confirmed by a Munich court, after it has been struggling with rising borrowing costs. BayWa said in May that around 300 affected creditors agreed to an extension of loans until the end of 2028, as well as a capital increase of up to 201.6 million euros. The company is trying to reduce its debt by 4 billion euros, notably by selling most of its foreign assets by 2028. Last month, Reuters had reported that BayWa had received at least two offers for Cefetra, which it acquired in 2012 for the same amount as its selling price. ($1 = 0.8750 euros)
