Richmond bid in Sydney
PA Wellington Richmond Development Corp, Ltd, has made a Austl7sc a share cash take-over offer for the Sydney-based company, Hooper Bailie Industries, Ltd. The offer valued Hooper Bailie at about sAust2s million, Richmond said in a statement. Hooper Bailie is a multi-product company involved in manufacturing and marketing of fibreglass sheeting, “foot comfort” shoes and fashion leather, and owns Hungerford Hill wines. It also holds strategic interests in public listed companies, Richmond said. Richmond said it currently ran its Australian activities through Whiteholme Pty, Ltd, a Sydney property developer and construction company it bought last June.
The managing director for Richmond Properties Pty, Ltd, and Whiteholme, Mr John McGarry, said the take-over was a move towards diversification and broad-based investment in Australia. “This acquisition will put our Australian industrial investments alongside our already established property activities in a mirror image of our style of operations in New Zealand,” he said. “Our working philosophy is to have standalone individual operations with competent management, financial accountability, and products or services which have sustainable market niches with solid growth prospects,” he said.
Richmond listed on the New Zealand Stock Exchange last June, and has Equiticorp Holdings, Ltd, as a major shareholder, with 23 per cent.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19870204.2.161.12
Bibliographic details
Press, 4 February 1987, Page 38
Word Count
206Richmond bid in Sydney Press, 4 February 1987, Page 38
Using This Item
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Copyright in all Footrot Flats cartoons is owned by Diogenes Designs Ltd. The National Library has been granted permission to digitise these cartoons and make them available online as part of this digitised version of the Press. You can search, browse, and print Footrot Flats cartoons for research and personal study only. Permission must be obtained from Diogenes Designs Ltd for any other use.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.