Guinness Peat completes $1.4 billion in asset sales, turns focus to Coats

Wed, 02 Oct 2013

By Tina Morrison Oct. 3 (BusinessDesk) – Guinness Peat Group has completed its two-and-a-half year asset divestment programme with the sale of its stake in Tower, realising a total of $1.4 billion, and will now focus on UK threadmaker Coats. Guinness Peat sold its 33.6 percent stake in insurance company Tower to institutional and retail investors on Sept. 30 for $118.3 million. That was its last divestment in a programme that has seen the company exit 55 investments in listed and unlisted businesses across New Zealand, Australia and the UK....

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