PDL not tendering for own shares

The Christchurch-based electrical firm has told the market it won't be participating in the tender, despite the fact that the stake could be key to the sale announced yesterday of the Stewart family's 60% shareholding.

That purchase will push French company Schneider Electric to 88% of PDL, although the Stewart acquisition is conditional on Schneider reaching 90%.

Tenders for the 2.1% PDL holding are due to close on Friday at 4pm

Hong Kong-based Gold Peak was ordered by the High Court to sell the 284,337 shares after Schneider alleged that it had breached the Securities Amendment Act when it bought them.

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