Source: www.news.com.au/business
CSR denies takeover bid
January 17, 2007 12:36pm
CSR says it is not aware of any impending takeover bid for the company after a sharp rise in its share price.
The building products and sugar company was responding to market speculation that it could the subject of a takeover offer by private equity interests. CSR shares shot up as much as nine per cent today to a high of $4.02 amid the takeover speculation.
At 1200 AEDT, they were trading up 11 cents, or 3 per cent, at $3.79.
"We are not aware of any impending takeover bid for the company," CSR said.
CSR reported a 4.7 cent drop in first half net profit to $109.2 million last November, a decline the company blamed on higher average debt levels from a share buyback that increased finance costs.
CSR said it is expecting a slight fall in 2007 annual earnings amid volatile sugar prices.
End.
Cheers, Pie
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