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Newspaper
Canberra Times
Location
Canberra, Australian Capital Territory, Australia
Date
Sep 15, 1972
Page
5
Two controversial foreign takeover bids emerged yesterday. Clorox Co seeks Kiwi International Ltd, while International Telegraph and Telephone plans to acquire Frozen Food Industries of Australia Ltd, drawing strong scrutiny from markets and regulators.
Clorox of Oakland withdraws its 30.8 million bid for Kiwi and Frozen Foods drops its recommendation to accept ITT's 82 million offer. Kiwi shares fell after withdrawal while trading remained volatile. Kiwi chairman Sir Thomas Ramsay expressed upset but blamed commercial factors rather than nationalistic pressures. Frozen Foods issued a one for eight bonus issue and pledged to maintain dividends amid capital changes. ITT retains its interest, while delisting reduces liquidity and leaves remaining shareholders facing uncertainty.
Hanover Holdings launched a $93 million takeover bid for Silverton Transport and Creneral Industries Pte. Directors said an offer of $42 cash per Silverton share was possible, with an alternative $4.50 a share plus eight dollars cash for two shares. The bid values Silverton around a 17 percent premium over recent prices and follows talks by Billingham Corporation of Australia in May and June. The statement did not disclose if the bid is final or extendable to one million additional shares at $3.
The Australian Chamber of Commerce argued against the Governments proposed Monopolies Commission. Canberra Comments warned the measure could encroach on business matters and lack safeguards against a tribunal role. Trade groups challenged the legislation for vague definitions and potential abuse of power.
Harris S bids to cash takeover of Adelaide brothers Handaare and Clarkeon Lad, in a "frat eco first served" offer for TORAH shares. A separate share sale was announced last week by broker Cutten and Harvey on behalf of an unnamed client.
In NSW Equity Court details emerged of Howard Smiths bid to buy Miller Tankers and an allotment of 45 million Miller shares. RoW Millers general manager Koch described meetings where offers were discussed and rejections made. Miller directors pursued liquidity backed by a proposed share allotment before July 5 when Maxwell presented an application for 4.5 million shares at 29 with a view to resolving funds.
Containers firm in Melbourne posts a profit of 3 074 418 for the year to June 30, up 13.2% on the previous year. Earnings rate on ordinary capital steadies at 22.5% after capital changes, with interim and rights issues cited.
Siddons Industries reports a consolidated net profit fall to 58,935 for the year to June 30 from 414,015, with tax up to 505,746 and depreciation noted. directors say annual dividend will rise from 13% to 14% and are planned to reach 15% next year despite weaker profits.
Bradford Rendall Ltd unveiled a strong year with profit up to 1,278,149 from 824,223 in 1971. Tax totaled 1,253,800 and depreciation reached 417,965. Final dividend of 9 percent will be paid on November 146, but the report notes a 24 percent dividend increase.
Commercial Union Alliance Co of Australia lifts its effective dividend by 3.8 percent after a peak profit increase in the year to June 30. Dividend on capital rose 9 percent post a one-for-two bonus issue. Net profit before tax rose to 2,705,939 from 62,617,775.
Australian Wool Commission leaders voiced worry over a steep uplift at the Adelaide sale. Prices for clean skin wool jumped again, with the market said to have exceeded expectations. General Manager Malcolm Waever warned that higher prices create price uncertainty for buyers and complicate future purchasing plans.
Australia signals firm position on the sterling area and Britain’s dollar link as Commonwealth finance ministers prepare in London. The 196? agreement runs to September next year with Australia to hold about 36 percent of overseas reserves in sterling, amid talks on SDR funding and possible reform of the international monetary system.
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