Hmmm.. Article by Brett Clegg of AFR w/e reports on successful bid by Foodland for Woolworths NZ over rival Woolworths Aust. worth AUD600million.
The contentious bid was initially barred by NZ competition rules but succeeded on appeal to Privy Council.
The acquisition will add $1.3billion in annual sales with merger benefits adding cost savings.
Foodland expected to sell $NZ250million of surplus Woollies stores.
Foodland to conduct a $300million share placement and rights issue thru JB Were commencing at opening trade Tuesday.
If a big ann Tuesday morning in the financial press ... early birds could get set ...
chart looks like this ...
This is only my view ... read the red stuff.
FOA
foodland associated limited
