KEY POINTS:
Todd Capital has bought the rest of Landco after the company holding the remaining 50.5 per cent, associated with Auckland property developer Greg Olliver, was placed in receivership.
The Todd family - the country's wealthiest - already owned half the company, and bought the remainder from The Phoenix Trust, of which Mr Olliver was director. The Phoenix Trust was placed in receivership on July 7.
Landco was reportedly put up for sale in November, with holdings then valued at more than $1 billion. Newly appointed managing director of Landco's land development business, Evan Davies, said no changes were planned for the development business.
The main projects were proceeding, with the 110ha Stonefields residential project at the former Mt Wellington quarry well advanced.
Landco also has farming and viticulture businesses.
- NZPA
