Schneider buys Gold Peak stake

Singapore-based Clipsal Industries has told the Singapore Stock Exchange that both it and Gold Peak industries of Hong Kong have agreed to sell their combined interest in PDL to Schneider for $10.96 a share.

Together the two companies held just under 1.1 million shares in PDL representing around 8% of the total.

Hong Kong-based Gold Peak owns 87% of Singapore-listed GP Industries, which in turn holds around 50% of Clipsal.

Last week Schneider reached agreement with long-standing PDL owners, the Stewart family, to buy their 60% holding for $12.00 per share.

Another 2.1% of PDL is currently up for tender as part of a divestment by Gold Peak with the tender due to close late Friday afternoon.

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