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Lion looks to boost Montana stake beyond 25%

By Phil Boeyen, ShareChat Business News Editor

Wednesday 9th August 2000

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Lion Nathan has moved to further strengthen its stake in wine producer Montana by purchasing shares from Guinness Peat Group.

Lion issued a notice to the sharemarket Wednesday saying it had increased its stake in Montana from 20.97% to 24.96% through an off market purchase from Ithaca Limited, a GPG nominee company.

Lion has also agreed to purchase another 7.074 million Montana shares, or 3.29% of the company from Ithaca, with the purchase being conditional upon the consent to the transaction of the Overseas Investment Commission Documentation.

If approved the purchase will bring Lion Nathan's total stake in Montana to 28.26%.

Market speculation has centred on Lion boosting its Montana holding to ward off a possible bid from Aussie wine business, Southcorp.

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