FLETCHER CHALLENGE DISAPPOINTED AT NZ FOREST MOVES

  &lt;Fletcher Challenge Ltd> (FCL)
  Managing Director Hugh Fletcher said he was disappointed that
  &lt;Rada Corp Ltd> had decided to sell its shares in &lt;N.Z. Forest
  Products Ltd> (NZFP) to Australia's &lt;Amcor Ltd>.
      He said in a statement that FCL had made an offer for the
  24 pct of NZFP held by Rada. He said the FCL offer was better
  than Amcor's because it would have been made to all NZFP
  shareholders, but he gave no further details.
      Amcor and NZFP said earlier today they were merging their
  pulp and paper interests in a joint partnership and were
  increasing their existing cross-shareholdings.
      The plan involves NZFP increasing its current holding in
  Amcor to about 20 pct from four pct. Amcor will acquire Rada's
  NZFP stake to add to its existing 11 pct and will seek
  statutory approval to increase its holding to 50 pct.
      Rada bought its stake for 505.5 mln dlrs from &lt;Wattie
  Industries Ltd> last year, but it has not disclosed the price
  to be paid by Amcor.
      FCL originally launched a takeover bid for NZFP late last
  year with a scrip and/or cash offer at 3.90 dlrs a share,
  valuing the company at 1.3 billion dlrs. NZFP shares ended at
  3.88 dlrs today.
  

