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Colonial Group (CGH) were doing pretty well along with the other banks, then
they bought out Legal & General, a big UK insurance company, for what was
considered far too much money. At about the same time the AU$ started
dropping heavily and all the banks went south, along with the market.
Colonial more or less dropped back down to its trendline and has firmed
again as the rest of the banks improve.
I'm not sure that the rights issue had anything to do with it, I don't
think that CGH is a takeover target at the moment, but there are a lot of
rumours around about all sorts of companies at the moment because the A$
makes them cheap. Even BHP, the 'big Australian' resources giant is
rumoured to be up for grabs.
I've attached a chart to show the recent events.
Regards
Chris
Attachment Converted: "c:\eudora\attach\Colonial Bank.gif"
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