Take-over in danger
(N Z. Press Association) WELLINGTON, May 21. The T.N.T. take-over bid for the Union Steam Ship Company is in danger of failing through lack of New Zealand support. A T.N.T. spokesman said tonight it had no idea where the 50 per cent New Zealand finance determined by the NSW Zealand Government would come from, or who would provide it. If the T.N.T. bid fails, the Union Steam Ship Company will remain a subsidiary of the P and O Line.
P and O is part of the shipping conference that on Wednesday said it was no longer interested in providing New Zealand with a container shipping service. The managing director of Allied Freightways, a T.N.T. subsidiary in New Zealand (Mr R. H. Pettigrew) said today the Conference Lines’ decision emphasised the need to ensure that New Zealand interests subscribed the 50 per cent wanted for the Union Steam Ship Company take-over.
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Bibliographic details
Press, Volume CXI, Issue 32613, 22 May 1971, Page 1
Word Count
153Take-over in danger Press, Volume CXI, Issue 32613, 22 May 1971, Page 1
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