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Name | Symbol | Market | Type |
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Hsbc Bk.22 | LSE:49IA | London | Medium Term Loan |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
RNS No 4936d PACIFIC DUNLOP LTD 19th October 1998 SALE OF GNB TECHNOLOGIES Pacific Dunlop announced on 6 July 1998 the sale of its world wide GNB battery business to Quexco Inc for US$550 million (A$900 million) subject to regulatory approvals in the USA, Australia and New Zealand. Approval has been received from the Foreign Investment Review Board in Australia and, the Overseas Investment Commission in New Zealand, but the necessary approval from the USA Federal Trade Commission is still outstanding. This, delay beyond what was originally envisaged, together with competitive market pressures in the US automotive battery business and the significant tightening of the financial markets in the USA since the original contract was signed, has led to a renegotiation of the purchase price. The purchase price has been reduced to US$500 million (A$783 million), of which US$100 million will be funded through the issue of a Junior Subordinated Note to a US subsidiary of Pacific Dunlop. This Note will be for a period of eleven to fourteen years with a variable interest rate and carries provision for early retirement. In addition to the loss recorded in last year's accounts (A$88 million) this reduction in price together with incremental costs will result in a further abnormal loss of approximately A$94 million this year. Pacific Dunlop and Quexco are committed to this transaction which remains conditional on FTC approval and the continued availability to Quexco of its present lines of finance at date of contract completion. In relation to FTC approval, Quexco is seeking to address concerns raised about some overlap in smelting operations. As a result of the foregoing, the transaction is not expected to close before the first week of December 1998. The Managing Director of Pacific Dunlop, Mr Rod Chadwick, said: "In the meantime, Pacific Dunlop executive and GNS management remain focused an the efficient running of GNB and the achievement of its business plans. For the September quarter, GNB's overall profit was in line with last year. Mr Chadwick said trading for the 1999 financial year had started well for Pacific Dunlop. "For the September quarter, Pacific Dunlop's trading profit has shown double digit growth over the same period last year," he said. For further information: John Hine General Manager Corporate Affairs Pacific Dunlop Limited Tel: (61 3) 9270 7270 Mob: (61) 0412 254 952 END DISAKVRKWRKRARA
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