Banks in shuffle

Press, 20 May 1981, Page 22

Banks in shuffle

Bank stocks' went through another major shuffle on the Australian Sharemarket yesterday as traders assessed the take-over climate in ligh“ of the breakdown of preliminary merger talk$ 7 between I the ANZ and CBC. .. .. CBC shares greeted the. I collapse of discussions \by ?. ■ dropping 160 c to'.SGOCj 'aridJ | the notes fell 190 c toySSDc:’), The National bank bid values ;• the shares at 700 c. > . .' The ANZ went in the opposite direction, jumping 65c to 475 c on indications that , the twice-jilted group would not • be called 0h.., to dilute.,its capital as part . of another 'take-over operation. ; Traders discounted; .early rumours that the > bank could be next; dnythe?’ ■ANZ’s courting list;)and''the? shares fell 27c to 323 c? V- ' However, speculation per-; sisted that the '(National / would be forced to increase; ’ its? two-for-one share : •offer, for the CBC, possibly? ;by throwing in a cash sweetener. • The Bank of NSW, which) eclipsed the ANZ’s take-over aspirations for the-CBA bank '■ last week,' put? ori 7c to 310 c . and the CBA (was steady, at' 650 c. • The Wales’ rise lifted the , value of its share-cash bid

for the CBA to the equivalent of 770 c a share. Elders absorbed one of the sharper losses on the industrial boards with a 25c fall to 450 c after news , that the

South Australian Supreme Court had extended the terms of an injunction granted to BT Australia, which would prevent the Bell Group from launching a new take-over attempt.-