Big Australian Concern Buys Stake in Small Firm to Avoid Takeover

Associated Press

Broken Hill Proprietary Co. said Monday that it has acquired rights to 20% of Elders IXL Ltd.'s stock in a move analysts said was designed to protect both companies from takeover specialist Robert Holmes a Court.

The investment by Broken Hill, valued at 1.22 billion Australian dollars, or $876 million at current exchange rates, followed Elders' purchase last week of nearly 20% of Broken Hill's stock for 1.7 billion Australian dollars, or $1.22 billion.

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