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PACIFIC WATCH

Australia

November 07, 1994|From Times Staff and Wire Reports

News Corp. Stock Offering Well Received: Media titan Rupert Murdoch scored an upset victory when a controversial issue of new stock, offered to shore up his News Corp. Ltd media group, got surprisingly strong backing from Australian investors. Contrary to expectations that the issue would fail, the so-called preferred limited voting shares, which carry less voting power than ordinary shares, were widely sought on the Australian Stock Exchange.

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