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May 27 2012 11:21
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May 28 2012 07:53
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Harare - Zimbabwe's government has taken over US food giant HJ Heinz's 49% stake in the African nation's leading cooking oil maker for $6.8m and handed its management to a firm with ties to the state.
Agro-processing company Cotton Company of Zimbabwe (Cottco), which was a state enterprise until its privatisation in 1997, announced it had bought HJ Heinz's stake in Olivine Industries in a deal facilitated by a government-owned investment company.
This is the first major deal involving the takeover of a firm following President Robert Mugabe's vow to give Zimbabweans greater control over foreign-owned assets. Mugabe's government has accused some businesses of halting production in a plot to undermine the inflation-ravaged economy.
Zimbabwe's parliament is considering enacting a law that seeks to transfer majority ownership of businesses - including foreign-owned banks and mines - to locals.
- Reuters