Bay Wa has secured Overseas Investment Office approval for its takeover and declared its offer unconditional.
Mr O'Connor said the pip fruit industry was promised so much through the establishment and ownership of Enza, now part of Turners.
"This result was inevitable, once ownership moved. It should be very timely reminder for dairy farmers considering whether they should allow trading of their shares."
He was in no doubt that the sale to the German company would push already financially stressed growers to move out of the industry in the coming season.
The coming season was the fifth consecutive season where the industry would make a loss.
"If you have a look across our agribusiness sector, many companies are foreign-owned," Mr O'Connor said.
"Those farmers supplying those companies are paying a large proportion of their costs into overseas dividends."
The German company, which has global investments across the building, energy and agriculture sectors, has bought 72.5% of Turners shares at a cost of about $157 million and would close its offer yesterday, it said in a statement.
"The takeover is a ground-breaking step towards internationalisation of Bay Wa," the company said.
Group chief executive Klaus Josef Lutz will become chairman of Turners and the company will appoint chief financial officer Andreas Helber, board member responsible for agriculture and fruit Josef Krapf, and head of fruit Dietmar Bahler to the board.
Last week, Turners posted an annual loss of $18.9 million after writing down the value of its kiwifruit orchards as the vine bacteria Pseudomonas syringae pv actinidiae ravages the New Zealand industry.
The fruit marketer also had to shave $3.1 million from its bottom line to pay for legal and advisory costs relating to the takeover, and would also lose an $8.5 million deferred tax asset once control changed hands.
Bay Wa's $1.85 a share offer fell within independent adviser KordaMentha's range and secured a recommendation from Turners independent directors for shareholders to sell.
That was a 2.2 % premium to the $1.81 price the shares last traded at on Monday.
Though the German company wanted full ownership, Scales Corp, which owned the Mr Apple packing business, bought 10.3% of the shares, saying it wanted the fruit market to stay listed.
Enza is New Zealand's largest apple exporter. Mr Apple is one of Enza's largest customers.
Scales managing director Andy Borland said his company was looking forward to working with Bay Wa as a supportive minority shareholder.
Scales, Mr Borland said, wanted to work with Turners apple business Enza to improve returns to New Zealand apple growers.
"Scales sees Bay Wa as a large experienced apple and agribusiness industry player whose investment into New Zealand via Turners will be positive and beneficial," he said.
