BIG MERGER
VICKERS, ARMSTRONG AND WHITWORTHS. PURCHASE PRICE £13,000,000. (Received 21, 9.50 a.m.) London, Nov. 20. Details of the amalgamation of Vickers Armstrong and Whitworths show that a new company is being formed as “Vickers. Armstrong Limited” with capital not exceeding £21.000,000, Vickers receiving £8,500,000 in fully paid shares and Armstrong’s £4,500.000 in fully paid shares, as the purchase price. A novel feature is an arrangement with the Sun Insurance Coy. for a policy whereby, if the profits fail to reach £900.000 in any year the Sun Co. will contribute £200,000. Sir Herbert Lawrence is chairman of directors. The directorate include Mr. Otto Niemever, of Bank of England, and Mr. E. R. Peacock, of Bering Brothers. Armstrongs circularised their shareholders recommending amalgamation, stating the company’s assets had been written down to the extent of at least £11,000,000.—(A and N.Z.)
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https://paperspast.natlib.govt.nz/newspapers/HBTRIB19271121.2.56
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Hawke's Bay Tribune, Volume XVII, 21 November 1927, Page 5
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139BIG MERGER Hawke's Bay Tribune, Volume XVII, 21 November 1927, Page 5
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