Equiticorp buys ACI
PA Sydney New Zealand-con-trolled Equitlcorp Tasman has increased its holding in ACI International to 10.5 per cent with the purchase of about three million shares in the company, according to market sources. Potts West Trumbull — acting on behalf of Equiticorp — specialled 2.3 million shares at the steady market price of sAust3.3s and picked up a further 700,000 shares on market out of a total ACI turnover on Friday of six million.
Analysts said the other 3.0 million may have
been purchased by a company “friendly” to ACI with some reports suggesting the buyer may have been BHP. According to the reports, BHP is repaying ACI for helping to fend off Bell Resources’ chief, Mr Robert Holmes a Court. Equiticorp has now purchased about seven million shares to bring its holding in ACI to 9.5 per cent. The analysts said Equi-
ticorp has a buying order with Potts for 25 million shares which, on completion, would give it a stake of 14.9 per cent in ACI, the maximum foreign holding permitted without Foreign Investment Review Board (FIRB) approval.
Equitcorp’s chairman, Mr Allan Hawkins, has declined to comment on whether his company has approached the FIRB to increase its stake above 14.9 per cent
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Press, 24 February 1986, Page 21
Word Count
205Equiticorp buys ACI Press, 24 February 1986, Page 21
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