Lion arbitration starts today
PA Auckland Arbitration between Lion Breweries, Ltd, and Campbell and Ehrenffied, Ltd, over the settlement of Lion’s purchase of the 50 per cent shareholding in New Zealand Wines and Spirits, Ltd, that it does not already own, will start in Auckland today. The private hearing concerns the price at which Lion will buy the balance of the company. Under the terms of a 1971 trust deed, Campbell and Ehrenfried called on Lion to buy its shareholding last June.
In 1980, N.Z. Wines and Spirits which owns the Cellars Wholesale chain had a profit of $6,575,000. Mr A. D. (Douglas) Myers, the controlling figure behind Campbell and Ehrenfried, owns a 20 per cent interest in Lion, mostly bought last November when he outlaid more than $22 million on open market stand to buy a 15 per cent interest. The managing director of Lion (Mr J. Macfarlane) said that the hearing would be before two arbitrators and an umpire. He would not disclose further details.
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Press, 1 March 1982, Page 24
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167Lion arbitration starts today Press, 1 March 1982, Page 24
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