Friday 9th June 2000 |
Text too small? |
Tower Group, the target of takeover speculation, said it would seek acquisitions or strategic alliances to build the business.
Tower's share price has risen strongly in recent weeks amid talk one of the major Australian banks may be interested in bidding. This week the price broke through the 565c level at which the shares were issued in September, cheering shareholders who have seen the stock languish since listing.
Interest was revived by Commonwealth Bank of Australia's takeover of Colonial Ltd. The move highlighted the attractions of funds management and insurance firms for banks looking for businesses with higher margins than their own, fiercely competitive traditional areas.
Tower has a 10% shareholding cap and a bidder would have to gain the consent of 75% of the group's shareholders to have it removed.
No comments yet
Fonterra appoints permanent CFO
Harapaki wind farm now on track for mid-winter completion
Rabobank picks $8.40 kg/MS forecast milk price for 24/25 dairy season, but warns global dairy price recovery now likely to be slower
Kiwi Property FY24 annual results announcement date
MFB - FY24 Results Announcement Date and Briefing Details
AIA - Announces books closed for retail bond offer
May 8th Morning Report
NZ-UAE free trade on the table
ANZ - 2024 Half Year Results Documents
FWL - Foley Wines Limited 2024 Harvest