Elders Finance expands
NZPA-AAP London The Australian-based Elders Finance Group has arranged, in principle, to acquire Noranda, Inc., the financial services network of metal and commodity brokers Rudolf Wolff, Ltd, for undisclosed terms. Elders Finance said it intended to recapitalise Rudolf Wolff with a guarantee equivalent to. its capital base of £I2OM (SNZ3I6.BM) supported by assets of £1.28 (SNZ3.2B). The acquisition of Noranda provides the opportunity for Elders Finance to become established in important American and European markets. Heads of agreement are expected to be signed on February 19, with completion by March 31. X A spokesman for Rudolf Wolff Futures in New York said the management of the United States units would be unchanged.
Noranda said it would continue to own Rudolf Wolff and Company, Ltd, a member of the London Metal Exchange, as- well as the metal company’s Hamburg and Tokyo branch offices.
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Press, 20 February 1986, Page 25
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145Elders Finance expands Press, 20 February 1986, Page 25
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