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Elders increases stake in BWK
11 Oct 2004
Futuris Corp said that its rural services subsidiary Elders would contribute another 16 million euros ($28 million) into German wool processor Bremer Woll-Kamerei under a restructure that gives Elders a controlling interest. Elders first took a 50 per cent stake in BWK in 2000. Futuris then wrote off the investment's $26 million book value in October 2003 due to reduced demand for wool and lower prices. BWK will transfer its 50 per cent stake in Australian Wool Handlers and the Austops wool combing operation to Elders, in exchange for the plant and machinery of Elders' Geelong Wool Combing. Elders would also take a further 5 million euros worth of equity in BWK, in exchange for Elders' 50 per cent stake in subsidiary BWK Elders Europe.
The Australian, 11/10/04
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