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Share buybacks boost mergers

Nick Stride

Friday 4th April 2003

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Share buybacks at TrustPower and Sky City Entertainment Group helped boost first-quarter mergers and corporate finance activity to $381 million according to Thomson Financial.

The figure was up 37% on the same period last year. The two buybacks were worth $126 million and $49 million respectively.

PPCS' $38 million acquisition of fellow meat processor Richmond, the $33 million acquisition by ING of AMP's Dress-Smart factories, and Salmond Smith Biolab's $25 million sale of Biolab to Australia's Alesco (see story below) were in third, fourth and fifth place.

Wrightson's market stand for Genesis Research and Development shares was worth $15 million.

Telstra spent $15 million buying Austar out of TelstraClear, Steel & Tube Holdings paid $14 million for Hurricane Wire Products, and Southern Capital paid $10 million buying Hirequip. Investment bank JB Were topped the adviser tables with deals worth $628 million while Cameron & Co came second with $592 million. ­

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