'No current plans for takeover': New Zealand native iwi council ups stake in seafood giant Sanford

The investment arm of New Zealand's native Ngāi Tahu tribal council has made a further investment in New Zealand seafood giant Sanford.

Ngāi Tahu Holdings now has a 12.56 percent stake in Sanford, up from 5 percent at market close on Aug. 31.

The company bought shares in Sanford at NZD 5.50 (€3.29/$3.89), representing a 21.3 percent premium on the Aug. 31 closing price, but according to Ngāi Tahu Holdings Chairman Mike Pohio, there are no current intentions to make a takeover bid, "based on current circumstances," which will cap the company's shareholding at 20 percent.