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Ciao NUF and PDL

By Phil Boeyen, ShareChat Business News Editor

Thursday 9th August 2001

Text too small?
The NZSE will be a little leaner from next week after it farewells two listings Friday.

Both chemicals company Nufarm (NZSE: NUF) and Christchurch electrical business PDL (NZSE: PDL) will cease to trade on the exchange, one for shareholder value reasons and the other a result of a takeover.

PDL Holdings will be removed from the NZSE following its compulsory acquisition by French firm Schneider Electric.

Schneider kept the market busy for a number of months this year as it slowly pushed up the price it was prepared to pay for PDL.

It began its bidding at $5.20 in February and peaked with its payment of $12 per share in June to buy the majority holding held by the Stewart family. Schneider moved to compulsory acquisition of the remaining shares earlier this week.

Nufarm is delisting at its own request at it tries to improve the liquidity on its home board, the ASX.

Nufarm has complained a number of times that its stock is undervalued and hopes that by getting off the NZSE it will push up the trades on the ASX and get it into the benchmark S&P/ASX 200 index.

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