Nobilo stake sought

SYDNEY - Nobilo Wines' largest stakeholder - Australian wine giant BRL Hardy - wants to increase its stake in the Auckland-based winemaker.

BRL said it may buy 7,132,000 shares, almost 15 per cent in issued capital, from NV Investments and NDL Investments at between 88c to $1.05 a share.

Although the notice to the stock exchange "did not amount to an offer nor intend to commit BRL Hardy to any restricted transfer," the company has pre-emptive rights to any substantial share package in Nobilo on the market.

The purchase would boost its 23.66 per cent shareholding to around 40 per cent.

BRL would acquire the shares under a restricted transfer process in two weeks.

- NZPA