Take-overs
Sir,—Mr Michael Mellon’s call for a more balanced approach in business take-overs (July 24) is timely. His view that profits should be seen as byproducts of business activity, rather than the be-all and endall, deserves serious consideration in every boardroom. However, this more socially orientated understanding of the role of business will have little meaning in the “big league.” The watchword is “business efficiency,” measured in maximised profitability. The rapid growth in investment companies — Mr Mellon’s “shufflers of assets” — expresses this approach in its purest form, freed from concern for the production of real wealth or provision of employment. Rogemomics has provided open season for these operators, leaving the more responsible companies defenceless against their predatory activity. The founder of the pace-setting Brierley group recently predicted that within two or three years the number of companies listed on the New Zealand Stock Exchange will be reduced by 80 per cent. The implications of these trends are horrendous. — Yours, etc., R. G. THOMSON. July 26, 1986.
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Press, 29 July 1986, Page 20
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166Take-overs Press, 29 July 1986, Page 20
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