re: nestle sale shareholder approval not needed
Sale of the Australian nutritious snacks, breakfast cereals and soups business ("Uncle Tobys") On 23 May 2006, Burns Philp announced that it had entered into an agreement with Nestlé Australia Limited (“Nestlé”) to sell its Australian Uncle Tobys nutritious snacks, breakfast cereals and soups business for a total price of A$890 million. On 2 June 2006 the ASX advised that it had decided that certain ASX listing rules do not apply to the sale of the Australian Uncle Tobys business. As a consequence, it will not be necessary for Burns Philp shareholders to approve the sale. The sale to Nestlé remains subject to the satisfaction of certain other conditions, including Nestle obtaining all applicable regulatory approvals or non-objections.
BPC Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held