Overseas Bid For B.H. South?

Press, Volume C, Issue 29643, 13 October 1961, Page 19

Overseas Bid For B.H. South?

(New Zealand Press Association)

CANBERRA, Oct 12. The Federal Government was watching ctoeely reports that overseas interests might seek to take over Broken Hill South, Ltd., the Prime Minister (Mr Menzies) told the House of Representatives today. He was replying to a New South Wales Labour member, Mr Clark, who had asked whether the Government was aware of a Japanese takeover bid for the mine. Mr Clark also asked whether the Government was so anxious to attract overseas capital that it would

permit the big undertaking to pass to Japanese control, cr whether it would intervene. Mr Menzies replied briefiy that rumours of the transaction had reached the Government and the matter was being watched with close attention. Hong Kong Offer? The Melbourne “Herald” finance writer, John Eddy,

claimed today there was no confirmation of the report that the take-over offer, believed to be £I7H million, or 22s Australian a share, comes from Japanese interests. Some market followers believe the offer has come from Hong Kong investors, he wrote. Broken Hill South shares again dominated trading on the Melbourne Stock Exchange today after, yesterday's take-over bid by an unnamed company. At first call more than 25,000 shares transferred at or around 19s- They closed at that price, which is steady on yesterday’s closing levels.