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Plans to sell off AACo stall
7 May 2008
Futuris has abandoned plans to sell its 43 per cent stake in Australian Agricultural Company after failing to find a buyer for all of its stake. While proposals were received, it is believed that they contained conditions such as a 90 per cent acceptance threshold which would not be likely to be achieved at a vote by AACo shareholders. “"espite generating significant interest and recognition of value in AACo’s and Futuris's strategic shareholding, none of the proposals arising from the sale process have certainty of execution or timing," said Futuris chief Les Wozniczka.
The Australian Financial Review 7/5/2008
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