10th Jul 2014 12:42
LONDON (Alliance News) - Millennium & Copthorne Hotels PLC said Thursday that its New Zealand-listed subsidiary will buy up the remaining 30% of Quantum Ltd that it does not already own.
Millennium & Copthorne Hotels New Zealand Ltd plans to acquire the remaining 30% interest in Quantum from Te Maori Lodges Ltd for NZD14.25 million in cash. The acquisition is subject to approval by the New Zealand Overseas Investment Office.
Quantum owns or leases seven hotels including Millennium Hotel Queenstown, Copthorne Hotel Rotorua and Kingsgate Hotel Dunedin.
Shares in Millennium & Copthorne were trading down 1.0% at 574.00 pence Thursday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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