Bond stake at 20.5%

Press, 9 November 1988, Page 44

Bond stake at 20.5%

NZPA-AAP London Australian businessman, Alan Bond, has revealed he had increased his holding in international conglomerate, Lonrho, Pic, to 20.5 per cent from 20 per cent. This was below market estimates that his holding had reached 23 per cent. Lonrho shares, however, rose lOp to £g4.23 (SNZII.O9) on turnover of 12.9 million shares amid speculation Bond Corporation will further raise its stake.

Analysts are convinced that Mr Bond will take his interest to just under 30 per cent before launching a £2.5 billion ($NZ7.078) bid. According to media reports Mr Bond flew to New York from London after failing last week to meet Lonrho’s chief executive, Roland “Tiny” Rowland. Lonrho’s weekly newspaper, the “Observer,” printed correspondence between Mr Rowland and Mr Bond which showed the Lonrho chief rebuff-

ing attempts for a meeting. “We don’t think that the Bond Corporation can bring anything to Lonrho other than a need to sell our valuable assets to service your very large debts,” Mr Rowland is quoted as writing. Bond Corporation, with a stake estimated to be worth over £4OO million (8NZ1.13B) is the largest shareholder in Lonrho. Mr Rowland has a personal holding of 15.6 per cent, worth about £29OM (SNZB2Im).