T.N.T. free to bid for Ansett

Press, 26 December 1979, Page 7

T.N.T. free to bid for Ansett

NZPA Sydney, Thomas Nationwide Trans-! port, Ltd. has announced that it will make a formal! take-over bid for Ansett 1 Transport Industries, Ltd. This comes after the lift-! ing of a ceiling limit on T.N.T.’s Ansett share buying, imposed when the company; made an attempt for the transport group in 1972. However, T.N.T.’s managing director. Sir Peter Abeles. said that Mr Rupert Murdoch. Ansett's chief executive, had indicated to hm at the Ansett board meeting that the News Corporation. Ltd. would retain

•iits 50 per cent stake in the! company. • I T.N.T. began buying An-! I sett scrip on national shareII markets last week offering a share in an attempt; to lift its stake to 23.4 per] •(cent — the limit imposed by; i the 1972 agreement. ;( Sir Peter said he was de-! lighted the Ansett board had i'cleared the way for his com-' pany to make a bid for An--isett, which would be made r soon after the Christmas t.break. fl He indicated that T.N.T. > would continue to stand in i the market, through the ■ broking house. Ord Mini nett’s, offering 225 c a share.

I Stock market sources had ] (suggested that if buying ! •(limits imposed on T.N.T., were lifted it would approach the News Corporation for its majority holding, '] possibly offering 250 c a ; share. They have also suggested ■(that if this bid were accept-j bed by Mr Murdoch, who has] • i temporarily stepped down as (News Corporation’s chief] : l executive, the transport and] ; • television activities of An-1 sett could be split. .i Sir Peter said there was! ilno suggest that this would] occur and repeated that Mr ■Murdoch wished to re.tain ■his Ansett shares.