EFFORT TO THWART LUDWIG GROUP

Press, Volume CVIII, Issue 31801, 4 October 1968, Page 14

EFFORT TO THWART LUDWIG GROUP

(N.Z. Press Association—Copyright) SYDNEY, October 3. Fire and All Risks Insurance Company, Ltd, has announced a bid for 50 per cent of the capital of Sydney Mutual Insurance, Ltd, in an attempt to prevent the American-based D. K. Ludwig group obtaining a 50 per cent interest in S.M.I.

The F.A.I. bid is $4.50 cash a share. This is 45c below yesterday’s closing market price of $4.95 ex dividend.

Sydney Mutual announced early last month that it planned to issue 877,500 shares (a parcel equal to the present paid capital) at $5.50 each to Clutha Development Propriety, Ltd. a subsidiary of the Ludwig group. The F.A.I. chairman (Mr L. J. Adler) said last night the Ludwig group was getting the new shares too cheaply. His idea was to block the issue with the eventual aim of taking over Sydney Mutual. A spokesman for Clutha has already said the company would not take up the issue if there were any objections at a meeting of Sydney Mutual shareholders next week. Oil Refineries Output Rises (N.Z. Press Assn.—Copyright) CANBERRA, Oct. 3. The quantity of marketable petroleum products turned out by Australian oil refineries increased by 9.4 per cent in 1967-68 compared with 196667, the Minister for National Development (Mr Fairbairn) disclosed today. Production totalled 144.1 m barrels from refinery throughput of 156.8 m barrels. The increase in production compared with a 9.5 per cent increase in Australian consumption of petroleum products. C.U.B. Note Of Confidence (N.Z. Press Assn.—Copyright) MELBOURNE, Oct. 3.

Cartion and United Breweries, Ltd, will maintain its “pre-eminent position” in the brewing industry in spite of the challenge from Courage Breweries, Ltd, the chairman (Mr E. Cohen), announced.

Mr Cohen sounded this confident note in the company’s prospectus for a slsm debenture issue.

Carlton and United Breweries is Australia’s largest brewing complex.