Australian Stocks rise as bid boosts NatFoods; NZ firmer
MELBOURNE - 31.12.04 The Australian share market gained 0.3 percent to a new
high on Thursday as takeover target National Foods rallied strongly after a
rival bidder entered the contest for the dairy company.
The New Zealand benchmark index posted a 0.7 percent gain to also reach a
new high as year-end positioning helped the market defy a weaker Wall Steet.
The Australian benchmark S&P/ASX 200 index added 12.8 points, to 4,054.9 on
latest available data, closing above the previous record high on light
volume.
National Foods closed up 5.2 percent at A$6.25 after Southeast Asia's
largest food and beverage company San Miguel Corp SMC.PS launched a A$1.78
billion ($1.37 billion) bid for the company, topping New Zealand dairy giant
Fonterra.
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