Bid For Todds Denied
(From Our Own Reporter) WELLINGTON, Nov. 4.
An official of Todd Motor Industries, Ltd., Wellington-based assembler of Chrysler and Rootes Group vehicles, today denied suggestions that the Chrysler Corporation, of the United States, was making takeover approaches for the firm.
The latest issue of the monthly “New Zealand Economist and Taxpayer” reports recent rumours of
“one of the biggest takeover moves for years” by Chrysler for Todd Motor Industries. The report said It had been suggested that the bid was only for the Chrysler and Rootes assembly and distribution sections of the Todd group and that its Europa Oil, New Zealand, Ltd., would be left in the hands of the Todd family. The Chrysler Corporation recently acquired some 40 per cent of the Rootes Group, in Britain,
as well as an extra interest in preference stock. It is currently negotiating to take over Rootes holdings in Australia. Neither Chrysler nor the Rootes Group at present has any direct equity in the Todd enterprise. An executive vice-presi-dent of Chrysler International, Mr G. Romanos, is due in Wellington early next week, but according to a Todd spokesman, “only for a check on existing sales and assembly systems.”
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Bibliographic details
Press, Volume CIV, Issue 30900, 5 November 1965, Page 1
Word Count
199Bid For Todds Denied Press, Volume CIV, Issue 30900, 5 November 1965, Page 1
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