The Week In Review

Friday 9th February 2001

Montana directors meet today to consider Lion Nathan's new $4.65 a share offer for up to 51% of the company. The offer tops a surprise $4.40 a share takeover bid from Britain's Allied Domecq. Lion, which already has 28%, will stand in the market at $4.65 on Monday. Montana chairman Peter Masfen, who has 20%, matched Lion's previous indicative range of $3.20 to $3.80.

Builder Hartner Construction went into receivership owing $8.5 million to subcontractors alone. The collapse, one of a string over the past 18 months, refocused attention on upcoming legislation designed to protect subcontractors.

The receiver of state-owned mapmaker Terralink said he would sell the company after receiving interest from nearly 30 buyers.

Wellington department store Kirkcaldie & Stains said it would seek a Stock Exchange listing in early April. The shares trade on the unlisted market.

Contact Energy lifted its price to retail gas customers, blaming higher wholesale prices and increased charges from Natural Gas Corporation's North Island gas transmission network.

Pyne Gould Corporation declared its takeover offer for South Eastern Utilities unconditional after passing the 90% compulsory acquisition threshold.

Utilico International reported a $1.62 million December half-year profit, up from a $4.57 million loss a year ago. Currency gains and equity-accounted earnings from Sea-Land Australia Terminal Services were offset partly by unrealised investment losses from a drop in the share price of TBI.

Investment company Widespread Portfolios was quoted on the unlisted securities market following the completion of its public offer.

The Commerce Commission cleared Swiss-based Zuellig Pharma to buy pharmaceuticals wholesaler Sigma New Zealand. The acquisition will include the Amcal pharmacy chain brand, meaning Zuellig will control all but one of the major pharmacy brands. It will have 53% of the wholesale market.

State-owned generator Genesis changed the operating regime at its Tokaanu hydro plant to alleviate transmission constraints that have threatened supply to Auckland.

Nufarm sold its Fernz Timber Protection business to US-based Osmose Inc for $A20 million ($25 million).

Sky City said construction of the $50 million Riverside Casino project in Hamilton, delayed for a year by legal action, would recommence.

John Storey, a former chairman of New Zealand Dairy Group (NZDG), was appointed chairman of New Zealand Dairy Foods (NZDF), the domestic dairy produce supplier half-owned by NZDG farmers. NZDG plans to sell the other half, establishing NZDF as an independent company, to allay competition concerns arising from the proposed dairy mega-merger.

Tranz Rail said more rate hikes were possible as recent lifts had not been sufficient to cover increased fuel costs.

United Networks posted a $109 million year-2000 profit, above most analysts' forecasts. A 17c final dividend took the year's total to 33c.

Parliament's commerce select committee recommended businesses get a six- month reprieve from new, tougher competition law. The government proposes changing the threshold for regulatory scrutiny of mergers acquisitions from "dominance" to "substantial market power" to accord with Australian policy.

Apple and Pear exporter Enza's growers defeated an attempt by corporate shareholders GPG and FR Partners to change the company's constitution to allow it to list on the Stock Exchange.

Entrepreneur Craig Heatley resigned his New Zealand directorships and plans to take a year or two off travelling with his family. Tom Mockridge, the News Corp-appointed chief executive of INL, picked up the Sky Network Television chairmanship.

Comments from our readers

No comments yet