A.N.I.-Comeng clash again

Press, Volume CXVI, Issue 34153, 14 May 1976, Page 16

A.N.I.-Comeng clash again

<N Z. Press Assn —Copyrtol” » SYDNEY. I The drawn-out dispute bei tween Australian National I Industries, Ltd, and Comeng Holdings, Ltd. has erupted : again — this time over Com!eng’s bid for William Adams 'and Co., Ltd j A.N.I. believes that the sAust2s.sm bid is being ■‘made only to water down its shareholding in Comeng. A.N.I. holds about 19 per cent of Comeng, but this will drop to 12.1 per cent if the William Adams bid succeeds. A.N.I. is unable to find any ' merit in the Comeng offer; for either Comeng or Wil-} liam Adams shareholders, the) managing director (Mr J.! Leard) says, and A.N.I. has; called on Comeng to commis. sion an independent studv in-j to the offer — or it will do; it itself. A.N.I. apparently has little faith in the study by Citina-j tional Holdings, Ltd. which I was prepared for Comeng. “In view of the terms ofj the proposed offer, and the) nature of the William Adams) business, shareholders of Wil-l liam Adams, and existing! Comeng shareholders must! (eventually suffer through a i reduced market rating of |Comeng shares.” Mr Leard Isays in a letter to the Svd-i (new Stock Exchange.