LWR takeover completed

CHL New Zealand clawed its way above 90 per cent of LWR Industries yesterday, taking its 118c-a-share takeover offer unconditional.

The consortium, backed principally by multimillionaire New Zealand-born academic David Teece, now owns 90.6 per cent of LWR.

Its offer won the support of LWR directors only after it added a further 12c a share to its price.

The higher price, however, was not passed on to Brierley Investments, which had already accepted 106.2c a share for its 63 per cent holding.