CANWEST MUST LOWER STAKE IN NETWORK 10
By Adnews Staff
Winnipeg-based CanWest Global Communications can't increase its stake in Australia's Network Ten, but it can keep its 57.5% holding. The broadcaster raised its ownership in the network early this year with a deal to provide financing for two Australian-owned companies: Selli Pty and Donholken. The two bought Network Ten stock from shareholders who wanted to liquidate their investment. By financing the purchase, CanWest would have increased its stake to 76%, but its equity stake would have stood at 15%, the maximum a foreign company is allowed to own. As a result of the ruling Selli Pty and Donholken must sell their interests to buyers not connected with CanWest.
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