| ||AWB increases stake in Futuris|| ||
On 19 December 2002, AWB announced it had become a substantial shareholder of Futuris, with a relevant interest in 31.1 million ordinary shares.
Yesterday AWB acquired a further 60.2 million Futuris ordinary shares at $1.50 per share. As a result, AWB now has an interest in 92.0 million Futuris shares, representing 14.9% of Futuris’ issued ordinary shares.
AWB Managing Director Andrew Lindberg said since acquiring its initial shareholding in Futuris last year, AWB had held preliminary discussions with Futuris Chief Executive Officer and Managing Director, Alan Newman.
“The increase in our Futuris shareholding reflects our belief that there is a number of opportunities for AWB and Futuris to work together in the rural sector to create long term value for shareholders and rural Australia and this reinforces our commitment to pursuing those opportunities,” said Mr Lindberg.
AWB does not intend to make a takeover offer for Futuris at present. AWB cannot acquire shares representing 15% or more of Futuris’ issued share capital without prior approval from the Federal Treasurer in accordance with regulations in relation to shareholdings in financial institutions.
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