The week in review

Friday 22nd February 2002

Sir Ron Brierley's Guinness Peat Group said it intended to buy a further 3.65 million shares, for 85p ($2.89) a share, in British car sale and repair firm Quik Group, to take its stake from 20.8% to 29.9%.

Bendon managing director Hugo Venter lifted his offer for the lingerie group's operating subsidiary, effectively valuing the shares at $1.99 a share. That topped a competing, $1.90 a share straight-takeover offer from Pacific Retail Group. But PRG still has the upper hand as it holds a 19.05% blocking stake.

BIL International (formerly Brierley Investments) sold an 8.7% stake in Australian equipment hire company Coates Hire for $A26 million ($31 million), realising $A10.9 million over the stake's book value.

Fisher & Paykel Appliances said performance between November and January was ahead of expectation. It said it had had higher than budgeted sales, improved margins, and lower costs following last year's separation from F&P Healthcare.

Fletcher Building's Australian construction subsidiary said it had agreed to sell its contracting business to Leighton Holdings for an undisclosed sum. Any costs from exiting the operation were expected to be less than the unusual gains on the sale of the Lunn Avenue Quarry site in Auckland, the company said.

At its annual meeting on March 11 Contact Energy will seek for the third year in a row shareholders approval for a lift in directors' fees.

Small shareholders have in the two previous years forced Contact to back down from rises.

Comments from our readers

No comments yet