|
|
Article: Coates Hire set to gobble up Wreckair.
- Article from:
- Australasian Business Intelligence
- Article date:
- December 18, 2001
CopyrightCOPYRIGHT 2001 News provided by Comtex. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Dec 19, 2001 (The Courier-Mail
ABIX via COMTEX) -- Australia's leading equipment hire company Coates Hire has announced plans to acquire its biggest rival, Brambles Industries' Wreckair. The acquisition is expected to increase Coates Hire's revenue by up to $A100m in the first full year, giving Coates Hire revenue of $A350m. Brambles says the sale values Wreckair at $A85m, with the acquisition to be funded through a debt facility, a share placement and renounceable rights issue. Coates Hire shares rose $A0.01 to $A1.31 after the 18 December 2001 announcement, while Brambles' shares rose $A0.046 to $A9.596.
COATES HIRE LIMITED - ASX COA: ...