Rainbow stake in U.K. retailer
NZPA London New Zealand investment company Rainbow Group has taken a 4.9 per cent stake in British discount food retailer Norman Group, according to the “Financial Times” in London. The newspaper said both companies spoke of having held talks to agree on possible co-operation. Rainbow is 30 per cent owned by Brierley Invest-
ments, Ltd, but the London operation of the two groups remains separate. Rainbow was keen to gain a quoted U.K. vehicle, the "Financial Times” said. Normans reported static pre-tax profits of £1.7 million ($4.86 million) in the year to March. Shares in the group closed at 77.5 p on Monday, a rise of 15p since reports of meetings with Rainbow surfaced on Friday.
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Press, 21 May 1987, Page 23
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121Rainbow stake in U.K. retailer Press, 21 May 1987, Page 23
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