NZI speculation
NZPA ' London New Zealand Insurance's reported build-up of a 4.5 per cent stake in British merchant banking group, Hill Samuel, has led to speculation over a possible NZI bid for the company. The "Independent” newspaper said Hill Samuel had been "the. focus of take-over speculation” in the market, following the unconfirmed reports of NZl’s stake. The company’s share price surged by 16p to 426 p. The "Financial Times” said NZI could be seeking to take over Hill Samuel to acquire the banking group’s minority stake in Macquarrie Bank in
Australia. Hill Samuel is now capitalised at £4OO million (SNZII2O million), four times the value of NZI. More than £6O million (SNZI6B million) has been added to its market value since early December by the recent share activity. Although the relative sizes of the two groups make some London dealers sceptical about the likelihood of a full take-over bid materialising, says the “Times,” others point out that in the recent climate, anything is possible. NZI made profits last year of about £3O million (SNZB4 million) and has funds under management of £2 billion (SNZS.6 billion).
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Press, 9 January 1987, Page 14
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186NZI speculation Press, 9 January 1987, Page 14
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