April 16, 2018 / 1:08 AM / a year ago

NZ honey maker Comvita in takeover talks, slashes FY forecast

April 16 (Reuters) - New Zealand honey maker Comvita Ltd said on Monday it is in talks with an unnamed party about a possible takeover, as it cut its full-year profit forecast by around 45 percent.

Comvita said it has signed a confidentiality agreement with a possible acquirer, which has been conducting due diligence for the past several months. It expects to further update the market by mid-May 2018.

The company revealed the interest as it downgraded its profit expectations after bad weather and poor yields affected its 2018 honey crop.

It now expects net operating earnings for the full-year of NZ$8 million to NZ$11 million ($5.9 million to $8.1 million), from an earlier estimate of over NZ$17.1 million.

$1 = 1.3611 New Zealand dollars Reporting by Susan Mathew in Bengaluru; editing by Richard Pullin

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