KEY POINTS:
Graeme Hart has succeeded in his bid to privatise Burns Philp, netting $1.75 billion from his nine-year Australian foray.
Taking full control of Burns Philp, which he bought into in 1997, gives him access to its $2.9 billion in cash as well as Blue Bird Foods - still
on sale for about $250 million - and a 20 per cent stake, worth about $600 million, in Goodman Fielder.
Sources close to New Zealand's richest person say his initial outlay for majority control of Burns Philp was about $500 million. Buying the remaining 42 per cent has cost $1.5 billion.
Burns Philp's current total value is about $3.75 billion, so he nets about $1.75 billion.
Hart was forced to extend the offer deadline three times, and it is now due to close on Thursday.
But its success was seldom in doubt after independent valuer Grant Samuel agreed with his stance that the largely cashed-up company had a transparent value.
Hart was not available for comment yesterday.
In a short statement to the stock exchange, Burns Philp said his investment group, Rank, had received a commitment to sell from more than 90 per cent of shareholders.
The offer was now unconditional, and Rank would move to compulsorily acquire outstanding shares as quickly as possible.
Burns Philp has been an institution on the Australian stock exchange. It began as a trading company in the 1870s, and has owned several popular Australian food brands, including Uncle Toby's - which Hart sold to Nestle for $1.1 billion in May.
In 2004, he sold its yeast and baking businesses for $2.1 billion.
Other brands were sold as part of the $2.2 billion Goodman Fielder float late last year.
Burns Philp assets will now be available to aid Hart with the expansion of his other business division, Carter Holt Harvey, which he secured in March for about $3.3 billion.
Based on the Burns Philp assets alone, bankers say, he could make an acquisition worth more than $12 billion.
In the past two weeks, Hart has also sold Carter Holt Harvey forestry assets for $1.5 billion to US firm Hancock Natural Resources. Some of that cash may have been used to repay debt.
It is not known if Hart is interested in making another single "big hit" acquisition.
Rank Group is understood to have assessed all available opportunities in Australia and New Zealand, and may see the market as over-priced because of the level of competition from private equity groups.
He has been tipped to be looking at Australian packaging company Amcor, but has not made a move.
Carter Holt Harvey bought nine ITM hardware stores last month to bolster its 40-store chain, but its attentions have since turned to the United States, where it is buying a mill in Pine Bluff, Arkansas, and other beverage packaging plants from International Paper, for between US$500 million ($760 million) and US$600 million.
Wheeling and dealing - Graeme Hart's busy year
March: After paying more than $3.3 billion, Hart gains full control of Carter Holt Harvey (CHH)
May: Burns Philp sells Uncle Toby's business to Nestle for $1.1 billion
August: Makes full takeover bid for Burns Philp
October: CHH buys nine ITM hardware stores. CHH sells forest assets for $1.5 billion, and buys a mill in Pine Bluff, Arkansas and other beverage packaging plants from International Paper for between US$500 million and US$600 million.
Yesterday: Hart gains full control of Burns Philp