NZ billionaire bids for SIG

Graeme Hart, an Auckland-based billionaire, has plans to take over Swiss packaging company SIG.

Hart is the largest shareholder with a 22% stake in SIG and has also raised his offer price to over $3.3 billion.

The outcome of Hart's bid will be known after a decision is made by SIG's board of directors over the next week. It is unlikely another bidder will come forward after rival bidder FERD dropped out.

Hart already has packaging operations in the US, Australia and New Zealand after the acquisition of Carter Holt Harvey. The acquisition would give Hart production facilities in Germany, Austria, China and Saudi Arabia.

SIG mainly produces cartons and packets for long-life drinks, in contrast to the businesses already owned by Hart which are mainly focused on packaging fresh beverages.