JCI circles Lonrho's assets
Article Abstract:
There has been speculation of a bid by JCI for Lonrho, following JCI's statement that it intends to increase its stake in Lonrho by 3.2%. JCI has options over a holding of 26.7% and may have difficulty in exercising its options if there is opposition from the European Union. JCI may need to pay 2 pounds sterling for each Lonrho stock in a full bid, Paribas' Charles Kernot estimates. Investors should be wary in case JCI seeks to acquire Lonrho cheaply, though Lonrho's stock price is low enough at 1.24 pounds for there to be little fear ofa reduction.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1997
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Lonrho Africa
Article Abstract:
Lonrho Africa has raised cash by disposing of four companies, Old Yard Property, Lonrho Motors Namibia, Construction Associates Swaziland and National Airways and Finance Corporation. Lonrho is seeking to focus on distribution and looks set to sell more non-core operations such as timber, cotton and hotels companies. Lonrho is able to reduce its debt levels as a result of disposals. The company has seen a drop in hostilities with Blakeney Fund Management, a key stockholder, and Blakeney's Richard Wilkinson has joined the board of Lonrho.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1999
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