WELLINGTON - French conglomerate Schneider Electric Industries SA has bought a further 6.5 per cent of electrical and electronic equipment manufacturer PDL Holdings at $8 a share, up $3.25 on Monday's close.
Schneider had about 19 per cent of PDL until yesterday.
PDL Holdings is controlled by the Stewart family with more than 60 per cent of the shares.
Last week, the High Court ordered Hong Kong group Gold Peak to sell a 2.1 per cent shareholding in PDL.
The order followed hearings into a claim by Schneider alleging Gold Peak breached the Securities Act of 1988 in making the purchase.
Gold Peak was ordered by the court to sell 284,337 shares bought between March 2 and March 26.
The purchases took Gold Peak's shareholding to about 9 per cent.
After the court decision, Gold Peak and Schneider decided that an agreement that neither company would buy further shares in PDL would expire at 5 pm on Monday.
Schneider first took a stake in PDL Holdings in February. The conglomerate's offer was $5.20 a share, which at the time was a 33 per cent premium over PDL's prevailing share price.
Schneider said then that it viewed the stake as a "long-term strategic" investment.
- NZPA
Schneider raises its stake in PDL
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