Wednesday, December 20, 2006

Rich Kiwis buy American businesses

What a way to end a business year, eh? The NZX index went over 4000 for the first time today. And, defying all “expert” predictions, the NZ dollar remains high and house sales are strong.

Now comes news that two mega-rich Kiwis are on an international business buying spree.

The NZ Herald website reports that
Graeme Hart is spending some $3.5 billion for packing companies around the world, including the packaging business of International Paper from who he bought NZ company Carter Holt Harvey. If successful in his plans, he’ll become one of the world’s largest players in the packaging industry.

Meanwhile, according to the Stuff website, Eric Watson is leading an affrot to buy American Apparel for NZ$355 million, which will give the company cash to expand. Watson plans on keeping American Apparel’s controversial chief executive, Dov Charney.

Since they’re so busy throwing money around, I’d be happy to accept some of it. I’m both Kiwi and American, so it looks like I’d fit their portfolios quite nicely. Perhaps their people will call my people.

I think I probably have a better chance of becoming an “expert” business commentator.

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