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Holmes a Court's Texaco Sale Clears Way for New Bid

November 27, 1987|From Reuters

SYDNEY, Australia — Robert Holmes a Court's Bell Resources Ltd. appears to be preparing the way for a takeover bid in Australia after boosting its cash position with the sale of half its stake in Texaco Inc. to TWA, analysts here said Thursday.

The deal brings TWA's stake in Texaco to almost 7.4%.

Some speculated that the reclusive Holmes a Court was clearing the decks for another assault on Broken Hill Proprietary Co. Ltd., the oil and mining conglomerate of which he already holds almost 30%.

Holmes a Court has been hard hit by the recent slump in Australian share prices and has been disposing of assets to increase his liquidity.

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