Anaconda Ruling
Illawarra Mercury
Friday February 7, 2003
US vulture fund, MatlinPatterson Global Opportunities Partners, faces an uphill battle in its proposed takeover of Anaconda Nickel Ltd after the Takeovers Panel yesterday ruled on all outstanding applications regarding the unsolicited offer.
MatlinPatterson's bid of 12 for each existing share and 1 for each right suffered a major setback after the Panel revoked relief granted to MatlinPatterson by the Australian Securities and Investments Commission.
ANZ slump
ANZ Banking Group Ltd shares tumbled to 15-month lows as the market feared the bank had $100 million in exposure to ailing US energy giant El Paso Corp.
More than 9.6 million ANZ shares were traded yesterday with the stock falling 50 or 2.96 per cent weaker at $16.41, a level not seen since November 2001.
United energy up
UNITED Energy Ltd anticipates achieving higher earnings per share in 2003, after reporting a 44 per cent rise in net profit for calendar 2002.
The Victorian energy distributor yesterday posted net earnings of $68.004 million.
United Energy declared a final dividend of 10, partly franked, up 1 taking the annual dividend to 18.25 from 17.25.
Gradipore surges
GRADIPORE Ltd shares surged almost 30 per cent yesterday after the biotech said it had had successful results in experiments that could lead to safer blood products.
Gradipore shares were 34 higher at $1.50 - their highest daily close since September last year.
BRL decision
US liquor giant Constellation Brands' proposed acquisition of BRL Hardy Ltd moved closer yesterday with the International Wine Investment Fund recommending the $1.9 billion bid.
Berren Asset Management Ltd, which manages the Wine Fund, said that subject to unitholder approval and no higher offer.
© 2003 Illawarra Mercury