Conference tallis::celt

387.0. "Irish Distillers takeover???" by GAO::JMAGUIRE (T�g go bog �) Tue May 31 1988 07:42

    Things may hot up in the Irish stock exchange over the next few
    weeks as the Irish Distillers Group face a hostile takeover bid.
    Yesterday, the board of IDG rejected the takeover as ``ill-conceived,
    unsolicited and unwelcome'' -- the bidders being a new company launched
    by Gibleys of Ireland and Cantrell & Cochrane. Both of these companies
    are owned by large British conglomorates. Gibleys are owned by Grand
    Metropolitan Holdings, a British Food giant and C&C are owned by
    another one, Allied Lyons. Guinness have a 49.6% stake in C&C.
    Irish Distillers, who are responsible for ALL the Irish Whiskeys,
    have accused the bidders of trying to breakup the Irish Whiskey
    industry. Former Taoiseach, Jack Lynch, a former chairman of IDG,
    has said that he would not like to see IDG pass out of Irish hands
    as Irish Whiskey is after all, Irish. John Bruton, Fine Gael spokesman
    on Industry, has raised questions about Guinness' role in this.
    If the bid successful, he wonders if Guinness, who control 60% of
    the Scotch Whisky market through the infamous takeover of Distillers
    (British), can seriously market the rival Irish products. Those
    in the know in the Stock exchange, expect the bid to be successful
    as the chances of someone jumping in to the fray to help IDG is
    unlikely.
    
    IDG are vunerable because of a declining home market and a failure
    to penetrate the export market, especially America where Scotch
    is dominant. It is expected that bidders will be able to redress
    this failure, given Gibley's success with Bailey's Irish Cream.
    
    Jimmy

    	The Irish government back in the early seventies stoped Seagrams
    (sp?) from taking over Irish Distillers Ltd. so maybe on they might
    step in again to keep the oldest and best Irish.
    	It's a pity to see this happen just because Irish Distillers
    have not the financial backing to fight the bid although they run
    a good profitable business.
         
    	
    Murt.

    
    	Yesterday (31-May-1987) Irish Life sold 200,000 Irish Distillers
    shares to an un-named London purchaser. Irish Life is a semi-state
    company. In the same breath the Govt. announced that any takeover
    would be referred to the Monopolies Board. Mr Richard Burrows the
    Managing Director of IDG is quoted in todays Irish Times as saying
    that he did not rule out the possibility of the state acquiring
    equity in Irish Distillers.
    
    	It seems the Govt. is confused.

    Leaprechauns have a nose for power(s).
    
    Re .2
     
    Irish Life did the right thing, they made a killing on their holding,
    because the market jumps in those situations. No conflict of gvmt.
    action here. The gvmt. will just find a legal method of blocking
    the take-over. Only the gvmt. of the day has that kind of power.
    
    Its sort of like - having your cake and eating it as well. 
    
    Snake knows a win - win situation when he sees it.
    

    
    
    
    Snake!!!!!!??????   Snake!!!!!!!!!!!????????????
    
        Is that you Snake???   Could it be that Snake is alive and well?
    
    It must be that the hibernation season is over........
    
                     
    
    paddy