Business Services Industry
Profit rise adds to talk of takeover.(Financial report)
Australasian Business Intelligence, May, 2007
Byline: Fiona Tyndall
May 03, 2007 (The Australian Financial Review - ABIX via COMTEX) -- An increased profit by Corporate Express (CE) is fuelling speculation of a takeover. Shares in the Australian-listed office products group closed at $A7.35 on 3 May 2007, a rise of 30 per cent in two months. CE announced on the day that net profit for the March quarter had risen 13 per cent to $A15.6m. Although private equity has been mentioned, the most likely buyer is CE's Dutch parent of the same name, which already owns 59 per cent of the stock. Analysts say the company also has the funds to pursue acquisitions, despite a recent $A50m share buyback.
Publication Date: 4 May 2007
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