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Schneider increases PDL holding

By Phil Boeyen, ShareChat Business News Editor

Wednesday 30th May 2001

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French electrical company Schneider is continuing to build its stake in Christchurch-based PDL (NZSE: PDL).

Schneider's holding in PDL now stands at 3.846 million shares or 28.3% of the company, up from 27.2% previously.

Schneider has nearly doubled its holding in PDL since it first made a stand in the market for 15% of the company in February at $5.20.

Following Schneider's entry Hong Kong-based Gold Peak Industries also began buying shares and the price of the company has risen to around $10.00 from $3.70 at the start of the year.

Gold Peak was recently ordered by the High Court to sell just over 2% of its holding after Schneider alleged the company had breached the Securities Amendment Act.

The shares are to be sold by tender.

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