Ampol, Ansett call truce

Press, 22 August 1979, Page 19

Ampol, Ansett call truce

Ansett Transport Industries, Ltd, and Ampc Petroleum, Ltd, have called a truce in their multi-million dollar struggle for shares. After a lengthy meeting at the Ansett offices in Melbourne on Monday the chairman of Ansett (Sir Reginald Ansett) and Ampol’s managing director (Mr E. Harris) agreed that each company would halt the buying of shares in the other. Each comnanv has spent more than S26M to muster 20 per cent of the shares in the other. But, while peacemaking took place behind Ansett’s closed doors, the makings of yet another battl: for a slice bf Ampol began on Australian share markets. J. B. Wer and Son, the Melbourne broker known to be acting for the “friends of Ampol,” and which picked

I tp about four million Ampol shares last Friday, moved :ack into the market on i Monday to counteract buy- . ng by" Ord Idinnett, Sydney broker. i Ord Minnett bought more (than 4.3 M Ampol shares on Monday. Added to the purchase of about 2.5 M Ampol phares on Fridav, this purchase gives the brokers’ ' client a holding in Ampol of I about 6.8 M shares, or almost 15 ner cent of the issued capital. Ord Minnett has acted for T.N.T. in the past, but most observers did not believe the [latest buying of Ampol was by T.N.T. I J. B. Were was expected to vacate the market for Ampol shares after the statement from Ansett and Ampol, but Ord Minnett’s buying kept Ampol’s “friends” buying in retaliation. The three-paragraph statement said that agreement had been reached to “the mutual benefit and interest ■of Ansett Transport Industries, and Ampol Petroleum.” ! It said Ansett and Ampol [would “not exercise their rights over their respective i share-holdings in a way 'which would be detrimental [to the other.” I Formal agreements were being prepared to cover these matters. But, while Ansett no longer presents a threat to Ampol, the determination of Ord Minnett’s mysterious client suggests that Ampol is facing a severe threat from another front.