Sydney, Sept 10, 2007 (ABN Newswire) -
The National Australia Bank says it's bought a stake in China-based Union Trust and Investment, or UTI. The NAB says buying a stake in UTI fits in with its strategy of expanding existing capabilities into new areas. Australia's largest lender will take a 20 per cent stake in the firm, which specializes in managing property trusts. The deal is now dependent on regulatory approval. The National Australia Bank produced record earnings in 2006.
And CSR says it's considering offloading some its assets when sugar prices improve. Sky News is reporting chief executive Jerry Maycock as saying that CSR's eclectic mix of assets probably don't make sense in the longer term. He says if it created shareholder value, then breaking up the company over the next 12 months could be an option. CSR is a building products maker and sugar refiner. CSR's earnings have been gradually falling since 2005.
Ports operator Asciano says it's in talks with mining interests operating in Queensland. Asciano says its freight business, Pacific National, is specifically looking for an agreement with Rio Tinto and Xstrata. The deal would involve to carrying coal from their mines to the ports of Dalrymple Bay and Gladstone. Asciano says no binding agreements have been entered into yet.
The full report is available at the following video and audio links.
Video Link
http://abnnewswire.net/fnnlnk/886N36OWAudio Link
http://abnnewswire.net/lnk/7M6IT04SSource: Finance News Network © 2007
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