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Week in review

Friday 6th June 2003

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The Warehouse chief executive Greg Muir resigned, citing "philosophical differences" with the board. Founder Stephen Tindall is filling the gap.

Cabletalk Group posted an $11.7 million March-year loss but said its performance had turned around at the operating level.

Tranz Rail appointed Grant Samuel to appraise a 75c a share takeover offer from Australia's Toll Holdings. After meeting with ministers Toll said the government appeared unable or unwilling to take a hand in Tranz Rail's fate.

Wellington Drive Technologies signed a deal to develop a new motor for Turkish appliance maker Archelik. The contract's value is confidential.

Solid Energy signed an eight-year deal to supply 11 million tonnes of coal to Genesis Power's Huntly station.

Mainfreight said it would announce details of the acquisition of Zeigler's shares in US-based Carotrans when the deal was completed.

Cashed-up former dairy farmer Dairy Brands reached 50.01% of Hemscott, a British supplier of business and financial information, paying $4.2 million and issuing 3.7 million shares.

Unlisted Wellington investment company Rangatira reported a 47% lower $5.1 million March-year profit. Operating earnings rose by 65% to $3.9 million but the value of its listed and unlisted investments fell.

Australia's Wesfarmers bought engineering supplies company Paykel from a JB Were private equity fund for $11 million. Wesfarmers is also in exclusive negotiations to buy the Australian and New Zealand operations of British insurer Lumley for $A320 million.

Talleys Fisheries hopes to lift its shareholding in meat processor Affco from 26% to 42% by buying Hugh Green Investments' 11% stake and a 4.6% Dairy Meats holding.

Financial services group Dorchester Pacific posted an 8% higher $4 million March-year profit. Managing director Brent King said the group result had been adversely affected by the performance of Sterling Portfolio Management, which has been sold.

Calan Healthcare Properties Trust and Ascot Hospital settled a dispute over their lease agreement.

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