MIM to sell holdings in Thiess
NZPA Brisbane MIM Holdings, Ltd, plans to sell its 16.6 per cent; stake in Thiess Holdings, Ltd, to Shell Australia, Ltd, for a little more than SI7M. In a surprise announcement the directors of MIM! announced that pending' Government consent arrangements had been made to sei! the Thiess holding to the Australian offshoot of i the United States Shell I group. No figure was put on the sale but it is understood to be a little above the current ■market price for Thiess ■shares.
Thiess closed in Sydney last night at 235 c making MlM’s holding of 7.2 million Thiess shares worth 516.9 M. Thiess operates the Callide and South Blackwater coal mines in Queensland and has a 22 per cent interest in the big coal consortium Thiess-Peabody-Mitsui.
Apart from giving Shell a substantially enlarged stake in the Australian coal industry the acquisition will also give it an indirect 2.8 per cent equity in Pioneer Sugar Mills Ltd, 9.9 per cent in Thiess-Toyota, and 6.6 per cent in Daihatsu Distributors, which handies the Daihatsu range of commercial vehicles. Shell already has close links with Thiess.
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Press, 20 July 1977, Page 20
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191MIM to sell holdings in Thiess Press, 20 July 1977, Page 20
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