Australian sells out of NZ wine venture (NZ)

Philosophical differences have caused the Australian part-owner of Martinborough’s Te Kairanga and several other New Zealand wineries to pull out of the venture. Wineinc, owned by Australian Bruce Clugston, has sold its 5.12 per cent share in FFW Holdings NZ to majority shareholder Foley Family Wines. Foley now wholly owns the New Zealand firm. The Overseas Investment Office approved the sale last month, reports Business Day.