Guinness Peat exits last asset outside Coats, sells Tower stake for $118 mln

Sun, 29 Sep 2013

Sept 30 (BusinessDesk) - Guinness Peat Group has sold its stake in Tower for about $118 million leaving the UK threadmaker Coats as its sole investment and signalling the end of its portfolio divestment. GPG sold about 69.6 million shares at $1.70 apiece, the company said in a statement to the NZX. That’s 5.6 percent below the level they traded On Friday. Today the stock fell 1.1 percent to $1.78. Shares of Tower, which sold its life business to Fidelity Life Assurance for about $145 million in cash and liabilities in May, have fallen 6.4 p...

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