Dalgety N.Z. bids for C. B. Norwood

Press, 8 April 1978, Page 16

Dalgety N.Z. bids for C. B. Norwood

PA Wellington Dalgety New Zealand, Ltd, plans to take over the agricultural and horticultural equipment firm of C. B. Norwood Ltd, the directors of the firms report. Dalgety N.Z. plans to acquire all the ordinary share capital of C. B. Norwood for 3,750,000 100 c ordinary shares and the payment ’of $187,000 in cash and purchase the 500,000 100 c Norwood redeemable preference shares at par.

.The offer is subject to the approval of the Overseas Investment Commission, and the Commerce Commission. The- chairman of C. B. Norwood (Sir Walter Norwood) and the -chairman of Dalgety , N.Z. (Mr L. M.l Rapps) said that the merger would “bring additional strength to C. B. Norwood, and new and expanded opportunities for the staff of both-companies. At the same time, it will be a very important, substantial and relevant diversification for the

I Dalgety N.Z. group. Everything will be done to foster land continue the high stanidard of servicing of all agency lines.” C. B. Norwood holds the New Zealand franchise for the distribution of MassevFerguson tractors, Taaru’p, and Pottinger farm machinery and implements. Farmhand equipment, Ransome grass machinery, and Ditchwitch trenching equipment.

Through its wholly-owned subsidiary, P. and D. Duncan, Ltd. of Christchurch, C. B. Norwood manufactures and distributes agricultural, and horticultural equipment. It is proposed that C. B. Norwood will trade as a subsidiary of Dalgety N.Z., 'under its own name and will continue the present marketing and distributing arrangements.

Sir Walter Norwood, and Mr Francis H. Kember will continue to be board members of the company, and be joined by nominees of Daigety N.Z.