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Week in Review

Friday 19th December 2003

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State-owned generator Meridian Energy signed a deal to sell to the Dutch government carbon credits from a planned windfarm at Te Apiti, the first such deal done by a New Zealand company.

Pacific Blue, the New Zealand and transtasman arm of Virgin Blue, added a Wellington to Sydney route to its planned Christchurch to Sydney service.

AMP NZ Office Fund will next year return $62 million to shareholders through a buyback.

Lion Nathan warned a price war with DB would crimp New Zealand profits but said it still expected to deliver a 2004 year profit of $195 million to $200 million. It will invest about $9.5 million in a Chinese brewery acquisition.

Vending Technologies gained approval to act as a lender in California.

Infratil spent $16.3 million lifting its stake in Glasgow Prestwick Airport to 79.3% on a fully diluted basis.

AMP's rights issue fell short by $A585 million. A bookbuild to make up the shortfall set a price of $A4.50 a share.

Trading on Unlisted, the unregulated competitor of NZX, began without either a bang or a whimper; no shares changed hands on the first day.

Designer Textiles bought fashion designer and manufacturer Michele Ann Productions for an undisclosed sum.

Promina downgraded its forecast of annual profit, blaming exposure to storms in Melbourne, just a month after upgrading it.

Carter Holt Harvey is closing the Tokoroa Sawmill with the loss of 90 jobs. The receivers of the Central North Island forests sold the Waipa Sawmill to Phil Verry and Gary Catley's Waipa Corporation.

Indo-Pacific Energy raised $8 million through an issue of four million shares organised by McDouall Stuart Securities. The money will fund a Taranaki onshore drilling and production programme.

Hellaby Holdings agreed conditionally to sell its Club Life insurance subsidiary to ING New Zealand.

Certified Organics plans to raise $350,000 through a 5.2 million share placement to fund its North American joint venture.

Ngai Tahu Holdings raised its offer for the 11.7% of Shotover Jet it does not already own to $1.03, from 90c.

Contact Energy signed a three-year deal to buy the output of Top Energy's Ngawha power station.

New Zealand Oil & Gas bought a 15% interest in exploration permit PEP38483 offshore Taranaki.

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