Pressure on

Press, 24 March 1988, Page 31

Pressure on

Challenge arm Challenge ; Meats has .formed a | wholly-owned Italian subsidiary, Challenge Italy, which will be based in i Milan. The company will; act as ) a distributor for Chal- ; lenge’s range of added sheepmeat products in North- ■ ern Italy. The chief executive of Challenge Meats, Mr John Lamb, said Challenge Italy would work I alongside !the company’s present importer, Apex SRL, who will continue to handle carcase and primal cuts. .1:. jj, Westmex profit Mr Russell Goward’s West-! mex i-js set its sights )ori acquiring private companies after its record net profit .bf $7,919 million'for the Decemr ber half. The net profit! dwarfs Westmex’s $1,139 million last year! and came from pre-tax profit of $19.38 million for the six month period, compared with s4.l] million in the previous cbr] responding period. The [in] vestment company, mostly directed by former Industrial Equity'Ltd executives, saw operating revenue leap ; to $77.72 million in the December half from [513.79 million.

f i , ■[J ! .[ Uh [■ : iNZPA-AAP Sydney i ' Sir| Ron Brierley and Kerry Packer yesterday [faced increased'! sharemarket pressure to raise [their ; joint offer!) for i Robert Holmes a Court’s Bell Resources, Ltd. Steady demand pushed market price 22c above the 150 c [a share cash [offer by the Packdr/ Brierley joint! bidding vehicle, Turnbridge Pty* Ltd. 1■; J I* I I BRu, shares rose 7c yesterday)) to close at 172 c each) with 1.647 million shares traded. [ ; , i | Analysts said, the rise [increased pressure for) a higher bid from Turnbridge. : ] :'[ ' .-|l . | . Hojwever, Sir Ron has j said this week he intends i to push ahead with the ) sAusiB2s million, 150 c | a i share! bid despite the I highe]- market price. | I

I di I?i: hriHH The Bell , camp ) has refused to comment, but is (understood to be pushing for) | a higher offer. ; . [; .|) | II; :■ ! [ I, I Sir Ron said on [Tuesday that formal [offer) documents would[ be sent to) BRL shareholders in three to 1 four weeks, but he refused to comment further yesterday. ! ; : Trading yesterday also brought a turnaround for BRL’s I parent, the ; Bel! Group,Ltd. Its share price : )rose Jjl3c tp) l[7Bc 'on: meagre turnover I of 231,177) sharps, I I [ [ i Bell Group) lost 13c on Tuesday following ] Mr Holmes a) Court's' an-) nouncement I on [Monday : riight that BRL would not proceed with its share and cash offer | for the company I because of the : Tumbridge offer.) [ [ I ) Earlier story, page 1 33. |