TAKE-OVER IN AUST.
Dow Bids For Am. Chem. (N. Z. Press Assn.—Copyright) SYDNEY, Feb. 7. Amalgamated Chemicals, Ltd., New South Wales-based holding company, will receive a take-over offer from Dow Chemical International, A.G. of Switzerland.
Today’s announcement to the Sydney Stock Exchange gives a background to the particularly heavy speculation in Amalgamated’s 5s shares which put them up from 8s 6d to 9s 7d in closing trading last week. Share market rumours and press comment have tied Amalgamated to several overseas groups, including Dow Chemical, in take-over speculation.
However, Dow’s proposal is to acquire 51 per cent of Amalgamated’s Capital at Ils a share—a partial acquisition which would make Amalgamated a Dow subsidiary, but presumably allow continued Stock Exchange listing. Total value of the offer is £2.51m based on a 51 per cent acceotance —and would involve the acquisition of slightly more than 4.5 m of amalgamated’s 8.75 m issued shares. The market will need to await further details to know whether Dow intends to purchase only 51 per cent of each shareholding or will accept total individual shareholdings or a percentage greater than 51 per cent, if necessary. The Swiss company is the holding company of the overseas investment of Dow Chemical Company, of Michigan, U.S.A.
It is the parent of Dow Chemical Australia, Pty., Ltd., the Australian member of the Dow group.
Exchange Rates
Business Personal
Mr S. J. H. Jenkinson, assistant manager of the Christchurch branch of the Bank of New Zealand since 1963, left early this month to take up his appointment as an inspector at the bank’s head office in Wellington. Mr C. B. Taylor, second assistant manager at the Christchurch office since 1961, succeeds Mr Jenkinson, and Mr D. C. Hill, accountant for the last four years, replaces Mr Taylor. Mr R. W. Mear, assistant accountant at the bank’s Auckland branch, takes over from Mr Hill as accountant at Christchurch.
The £ lost ground to the United States dollar last week, but gained a little on the Canadian dollar. A few other currencies were changed slightly, rises and falls being nearly in balance. Telegraphic transfer exchange rates, from the Bank of New South Wales yesterday.— N.z. on Buying Selling New York — Doi. to £ N Austria— Z. 2.7988 2.7671 Schillings Canada— .. 72.78 71.22 Doi. to £ N Z. 3.0108 2.9723 Belgium— Francs France— .. 139.90 136.90 Francs .. 13.80 13.50 Italy— Lire Netherlands— . 1750 1722 Guilders .. 10.20 9.98 W Germany— D.M. Fiji- .. 11.30 11.06 Pound . 111.11.9 110 4.3 Denmark— Crowns Norway— . 19.41 18.99 Crowns Spain— ... 20.11 19.68 Pesetas Sweden— • • — 165.10 Crowns Switzer and— .. 14.56 14.24 Francs .. 12.19 11.92 Japan— Yen Pakistan— .. 1019 M 996 Rupee .. 13.406 13.080 South Africa— Rand Hong Kong— .. 2.0151 1.9629 Dollar India— .. 16.229 15.788 Rupee Malaysia. .. 13.406 13.080 Singapore— Dollar .. 8.623 8.404 Ceylon— Rupee .. 13.406 13.034
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Press, Volume CV, Issue 30979, 8 February 1966, Page 21
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461TAKE-OVER IN AUST. Press, Volume CV, Issue 30979, 8 February 1966, Page 21
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