Rainbow U.K. stake
PA Wellington Rainbow Corporation, Ltd, has bought a stake of just under 5 per cent in Babcock International, the British engineering conglomerate headed by British Airways chairman, Lord King. Rainbow said in a statement that the investment was built up over a period at less than current market prices and had a total value of about £ll million
(SNZ3O million). The managing director, Mr Craig Heatley, said the Babcock purchase was one of several investments made by Rainbow in the U.K. over the last 18 months. He said it indicated Rainbow’s commitment to the U.K. market and was one of a "useful number of strategic and portfolio investments.” Babcock has 110 subsidiaries in 18 countries
and employs more than 26,500 people. Annual sales for the last four years have been more than SNZ3 billion and the company has reported annual pre-tax profits exceeding £3O million for the last three years. Babcock has 133 million ordinary shares on issue and at current prices its market capitalisation is £250 million.
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Press, 3 September 1986, Page 31
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171Rainbow U.K. stake Press, 3 September 1986, Page 31
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