Sharechat Logo

Tower looks for growth

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.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

SML - Synlait Milk Limited - Trading Halt of Securities
AIA - Auckland Airport announces board chair changes
AIA - Auckland Airport announces board chair changes
CEN - Tauhara commissioning progress update
FPH initiates voluntary limited recall
March 28th Morning Report
KFL Celebrates 20 Years of Excellence in Investment Mgmt.
SVR - Savor FY24 Earnings Guidance & Change in Banking Partner
NZK - NZ King Salmon Investments Limited FY24 Results
March 27th Morning Report