IEL still buying
NZPA-AAP Sydney Industrial Equity (lEL) has continued to buy shares in Peko-Wallsend, in spite of selling most of its Peko options to North Broken Hill Holdings (NBH). lEL has lifted its stake in Peko to 17.2 per cent, the level it reached on Monday before Peko’s suitor NBH, exercised options and diluted lEL’s stake to about 14 per
cent. Share analysts now believe North will succeed in its bid for Peko but that the merged group might come under the scrutiny of John Elliott’s Elders IXL group later on. NBH’s managing director, Mr Peter Wade was also confident of succeeding and said his company now held more than 20 per cent of Peko after a flood of acceptances.
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Press, 22 January 1988, Page 22
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121IEL still buying Press, 22 January 1988, Page 22
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