Forum Archive Index - May 2000

[kevin.young@gfmb.co.nz]

More extracts for those interested in IFT

Infratil  New Zealand (IFT) ? upgrade? Major changes in the "House of Morrison'?
The  effects  could   flow into TPW, CPR, PWC, NCH and POT. Watch also CEN, TRH,
POA,  and AGL? Morrison & Co, the manager of IFT, advised that they have reached
a  ?conditional?  agreement  for  Macquarie  Bank to acquire 100% of the bouquet
investment  bank?  The  sale  will  involve  the transfer of numerous management
agreements  and  considerable  intellectual  capital/industry  relationships  to
Macquarie?s?  We  would  expect  Macquarie?s to eventually merge its New Zealand
operations with Morrison & Co to create a leading and formidable position in the
NZ  market?  With  respect to IFT, the change in Morrison & Co will probably put
the  company  and its subsidiaries in play. Control of Morrison & Co is the ?key
to  the  door?.  The  feeding  frenzy could attract sharks such as CEN, NCH/AGL,
Alliant,  POA,  TRH,  UNL,  TBI,  each targeting IFT or specific assets that IFT
effectively  controls?  We  have  been  predicting  that impeding changes to the
takeover code and IFT?s limited ability to raise capital on the domestic market,
would  force  IFT  to  change its modus operandi. This change has the look of an
exit   strategy?   Valuation:   $1.21,   M&A  valuation  range  $1.53  -  $2.00?
Recommendation: Absolute Buy; Relative Overweight


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