E’corp renews clearance
PA Wellington Equiticorp International has renewed its clearance to take up to 100 per cent of domestic appliance manufacturer, Fisher and Paykel Industries. The investment company has just negotiated to sell its 80 per cent stake in Feltrax International to Australian manufacturer, BTR Nylex for 320 c a share — a total of $752 million. But Equiticorp directors said yesterday the company had “no intention” of
increasing its shareholding in Fisher and Paykel. A link between Equiticorp and F. and P. was strengthened with a joint venture company which took over the Government’s 89 per cent interest in New Zealand Steel early this year. The resulting issue of F. and P. convertible notes to Equiticorp took its stake in F. and P. from 18.79 per cent to 30 per cent. Equiticorp has since sold 80 per cent of its interest in NZ Steel to Feltrax.
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Press, 8 October 1988, Page 27
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147E’corp renews clearance Press, 8 October 1988, Page 27
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