19 May 2000
Swire in bid for Finlay

TEA plantations company James Finlay is to be taken over by Swire, its largest shareholder, reports the Financial Times.

The deal values the company, which was founded in Glasgow in 1750, at 101 million.

Swire, a private Asian-Pacific conglomerate, is offering 100p cash for each share.

This follows disappointing results at Finlay last year.

Meanwhile, the same newspaper reports that in July the Kenyan government plans to privatise the Kenyan Tea Development Authority.

This will open the KTDA to private competition and handing back power to the 45 tea factories it manages.

  • Financial Times 19/05/2000 page 42