Delegat's Group will increase its holding in Oyster Bay Marlborough Vineyards to 54.92% under a settlement of long running legal proceedings with winemaker Peter Yealands and Peter Yealands Investments.

The proceedings arose from a five-month battle for control between Oyster Bay's main shareholders, Delegat's and Yealands, in 2005.

Under the settlement Delegat's will purchase all of Yealands' 433,816 shares in Oyster Bay, equal to 4.8% of the company, at $1.80 per share.

The wine industry’s efforts to break into the lucrative US market are getting a $1.2 million push in the right direction from the government.

Two record grape harvests have left the wine industry struggling with oversupply issues and some winemakers have looked to the United States for new sales.

The New Zealand wine industry has fallen just short of the magic $1 billion mark in exports for the financial year but has still grown by almost a quarter as winemakers find international buyers for an increased amount of product.

In its annual report released today, New Zealand Wine revealed that the country’s wine exports grew 24% in the year ended June to $992 million on the back of the record 2008 harvest.