Briefs

Press, 13 December 1985, Page 10

Briefs

Goodman’s

Fielder Gillespie Davis, Ltd, and the National Companies and Securities Commission have reached a compromise in the legal deadlock surrounding Fielder’s bid to create Australasia’s largest food processing company. After intense negotiations with the NCSC, Fielder agreed to withdraw its offer for Allied Mills, Ltd, and not act on any acceptances received under the original offer. Fielder had proposed a three-way merger with Allied Mills, Ltd, and the Goodman Group of New Zealand by offering five Fielder shares for every four Allied and Goodman shares. Last night, the Trade Practices Commission in Canberra announced that the Goodman Group would divest itself of certain trademarks in the oil and margarine market if the take-over bid was successful. The brands represent the business of Provincial Traders Foods, which is managed by the Goodman Group. Approval The Examiner of Commercial Practices has approved the proposal for an Auckland-

based investment company, Capital Markets, Ltd, to acquire all the shares and options of a listed oil prospector, Horizon Oil Exploration, NL. Kupe out Kupe Petroleum, NL, has withdrawn its interest in the West Coast oil exploration licence area PPL3BO7O. Petrocorp, the operator for the icence, said that all other parties to the licence had exercised their option to take up Kupe’s 6 per cent on a pro rata basis. Clubcard The Bank of New Zealand take-over of Clubcard, Ltd, has been approved by the Commerce Commission. U.S. over 1500 The New York stock market cleared 1500 yesterday, with the Dow Jones industrial average rushing past that figure as Congress prepared to pass deficit reduction legislation. The Dow Jones average of 30 stocks climbed 12 points to 1512, closing above 1500 for the first time. Congress is to pass legislation requiring a oalanced Federal budget by 1991.