Sydney, Oct 1, 2007 (ABN Newswire) -
Neptune Marine Services is bidding $17 million for Sea-Struct, a manufacturer and installer of concrete stabilisation systems for subsea pipelines and cables. Payment will be 70 per cent cash and 30 per cent in new Neptune shares according to the AAP. Neptune's managing director and CEO says Sea-Struct fits well the company's integrated engineering services and that it will improve Neptune's geographical footprint. The acquisition is expected to be complete in the third quarter of 2008. Neptune Marine Services has been operating at a loss since 2004.
Macquarie Bank's proposed restructure has got a green light from the Federal Treasurer. Last month, the company obtained an $8 billion term bank facility for the restructure which will be considered by shareholders on October 25. Under the planned restructure, shareholders will exchange their shares in Macquarie Bank for shares in a new listed holding company that called Macquarie Group Limited. Macquarie Bank's profits have increased steadily since 2003.
Oxfam Australia has accused OceanaGold of using intimidation and inducements to pressure Filipino villagers into accepting a proposed gold and copper mine. Following a five-year investigation Oxfam concluded that OceanaGold refused to accept that many locals were against the Didipio mine. Oxfam also said OceanaGold may have publicly misrepresented the level of community support to shareholders and the ASX. OceanaGold categorically denied the allegations this morning.
The full report is available at the following video and audio links.
Video Link
http://abnnewswire.net/fnnlnk/T54B39Z9Audio Link
http://abnnewswire.net/lnk/9S9MJH0QSource: Finance News Network © 2007
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