Country Report Australia October 1996 Main report

Business news: National Mutual's pol'y holders accept its shares--

The planned A$2.2bn (US$1.7bn) float of the National Mutual life company is virtually guaranteed success, with almost half the firm's policy-holders opting for scrip in National Mutual rather than a cash payout. Policy-holders will absorb at least 46% of the company's shares and a further one-third of the stock has been allocated for institutional buyers. At most, 20% of the stock will be available for sale to the general public.

--and Optus is also preparing to float

Optus Communications is planning to float during October 1996. The decision was made in mid-1996, after the largest local shareholder, Mayne Nickless, bowed to pressure from other shareholders to abandon plans to sell its 25% holding to a trade buyer. The A$4bn float is being co-managed by County NatWest and SBC Warburg.

© 1996 The Economist lntelligence Unit Ltd. All rights reserved
Whilst every effort has been taken to verify the accuracy of this information, The Economist lntelligence Unit Ltd. cannot accept any responsibility or liability for reliance by any person on this information