KEY POINTS:
Graeme Hart's Rank Group upped its stake in Swiss company SIG, a bank source said yesterday.
Rank has been reportedly buying off-market blocks of SIG shares as it continues its $3.55 billion battle with Norway's Elopak to take over the Swiss packaging company.
SIG shares rose 9 per cent after stakes amounting to over one million shares, or 17 per cent, in the group were sold off-bourse at 435 francs a share, according to Reuters data .
Shares in SIG have risen 47 per cent since Elopak launched a hostile bid for the group in September, and hit an all-time high of 446.75 francs a share on Thursday.
A banking source, who declined to be named, said the blocks of shares were sold to the Rank Group, which is owned by Hart New Zealand's richest man.
Rank launched a bid in December at 370 francs a share. Elopak has bid 400 francs a share.
The source said that Rank had bought the shares in the market at over its official bid price and would therefore have to raise its offer to all other shareholders because of Swiss equal treatment rules.
- NZPA
