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Week in review

Friday 26th September 2003

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Transport company Owens Group has recommended shareholders accept a revised takeover offer from Mainfreight at $1.10 a share.

Australian transport group Toll Holdings says its interest in Tranz Rail has reached 47.64%. The company's $1.10 a share offer, which closes on October 10, requires a 90% acceptance.

Rural Portfolio Investments, owned by former Fonterra chief executive Craig Norgate and the McConnon family of Otago, picked up 8% of Wrightson's shares, well short of the 19.9% it sought.

Lingerie and appliance retailer Pacific Retail Group warned that a number of one-off costs and difficult retail trading conditions would hurt its first-half year result compared with a year ago, when it posted a $NZ6.1 million ($3.6 million) profit.

The Securities Commission has completed its review of trading in the shares of Independent Newspapers before the sale of its local publishing business to John Fairfax Holdings and has decided not to take the matter further.

United Milk has received acceptances accounting for 94% of the shares of Kapiti Cheeses, enabling a full takeover.

Todd Energy via its subsidiary, Todd Taranaki, has initiated a sales process for over 100 petajoules of gas from the McKee and Mangahewa fields in Taranaki.

Meanwhile, the Commerce Commission has cleared Todd Energy to increase its stake in a joint venture to develop Taranaki's offshore Pohokura oil and gas field.

Napier-based management and investment company Aquiline Holdings has entered into an agreement to acquire the consumer products and information technology distribution business of Radiola Corporation.

Wellington Drive Technologies has raised $3.69 million from a one-for-eight renounceable rights issue. The issue closed oversubscribed

The New Zealand Exchange confirmed it would move to quarterly reporting, starting with the three months to September 30.

Investment company Pure New Zealand is selling part of its dietary supplements business to an international consortium for $442,724. Pure said the sale would allow it to better focus on its health product operation, Silberhorn.

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