Mr Chips takeover becomes takeaway

01:43, Jan 31 2009

Australian company Simplot Mr Chips' takeover of New Zealand potato chip maker Mr Chips has gone unconditional.

This morning Simplot announced that it had 98.61 percent of Mr Chips after the company became a takeover target earlier this year.

It will now look to buy the rest of the shares and take the company off the stock exchange.

Mr Chips has plants in Auckland and Christchurch and can produce 100 tonnes a day.

Simplot Australia is a subsidiary of privately owned United States food and agribusiness company JR Simplot, which has annual sales of more than US$3 billion (NZ$4.47 billion). Brands include Edgell, Birds Eye, and John West.

Mr Chips shares were worth $2.74 on the New Zealand stock exchange at yesterday's close.