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Week in review

Friday 12th September 2003

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Pohokura gas field partners Shell, Todd, and OMV plan production from mid-2006 "subject to the usual uncertainties that attach to any one billion dollar engineering project." The Commerce Commission has conditionally cleared joint gas marketing.

Sharemarket observers declared the Tranz Rail takeover over after Toll Holdings lifted its bid from 95c to $1.10 and several institutions said they would accept.

Walker Wireless renamed itself Woosh Wireless and launched a broadband service it said would cover 70% of Auckland by year's end. Chief executive Bob Smith said the funds needed would come from existing shareholders and a float would be considered in 18 months to two years' time.

Hugh Martyn will take over from George Gould as chief executive of rural services company Pyne Gould Guinness on October 22.

Fletcher Challenge Forests commissioned a third, $2.5 million line at its Taupo timber moulding plant, to provide additional capacity for the US market.

Submarines Australasia's shares were suspended from trading after the company missed the August 29 deadline for issuing its full-year results.

Trans Tasman Properties' 55% owner SEA Holdings will vote in favour of TTP's takeover offer for Australian Growth Properties. A special meeting next month will therefore be a formality.

Tauranga furniture maker Design Mobel bought Waikato's Restwood. Both companies make flexible slat beds.

Homeware group Briscoe posted a $9.9 million July first- half profit, up from $9.6 million a year ago. Sales were 10% higher at $140.9 million.

Fairfax New Zealand appointed an advisory council for the publishing operations recently acquired from INL. They are Wayne Boyd, Lloyd Morrison, Joan Withers and Humphry Rolleston.

TelstraClear won a four-year $40 million service contract with IAG New Zealand, the country's largest general insurer.

Australia's Competition and Consumer Commission gave a final "no" to Qantas and Air New Zealand's alliance plans, as expected. The Commerce Commission will rule later this month.

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