“Bid Not Threat To N.Z.”

Press, Volume CI, Issue 29818, 10 May 1962, Page 16

“Bid Not Threat To N.Z.”

(New Zealand Press Association)

AUCKLAND, May 9, New Zealand national interests would not have been threatened by the Eagle Star bid for a 45 Wr cent interest in the New Zealand Insurance Company said Mr G D Knox today Mr Knox, an Australian director of Eagle Star, conducted the negotiations to Auckland. “Before leaving New Zealand on my way toft London," said Mr Knox, T feel I should comment on the publicity which has been given th our offer to New Zealand

Insurance shareholders. I am doing this because national interests have been emphasised to the statement by the New Zealand board. “Our approach was on a most friendly basis and I want it to remain so. However, we cannot see how the advent of such a substantial sum of new money (£9 million sterling) would, to any way, be detrimental to national interests. "On the contrary, we feel that the linking up with a world financial institution cffiild lead to further large

sums being earmarked for investment to New Zealand. “It was emphasised to our approach, and I would like to emphasise it again, that overseas profits of the New Zealand Insurance Company would have continued to flow back to New Zealand and that no disturbance of board or staff would have taken place. “In Australia. Eagle Star has invested and reinvested its surpluses in housing, developmental works, industrial undertakings and Government loans.” *