Schneider stitches up PDL holding

The stake represents just under 285,000 PDL shares put up for contested tender by former stakeholder Gold Peak.

The Hong Kong-based company had been ordered by the High Court to divest the shares, which it acquired in March, after Schneider alleged the company had breached the Securities Amendment Act when it purchased the holding.

Gold Peak and Singapore-based Clipsal last week sold their remaining 8% stake in PDL at $10.96 per share. This followed the sale of the Stewart family's 60% holding.

Schneider now holds 98.1% of the Christchurch-based electrical and electronics company.

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