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Internat'l Paper agrees to sell shares to Rank Grp

17 August 2005

International Paper agrees to sell shares to Rank Group

CHH has been advised that IP has entered into a lock-in agreement to sell its 50.5% stake in CHH to Rank Group Investments Limited for $2.50 in cash for each share (with existing shareholders retaining the Interim Dividend). The same offer will be made to all shareholders in compliance with the New Zealand Takeovers Code.

Carter Holt Harvey CEO, Peter Springford said “We have just received advice of this agreement and it is premature for us to comment in any detail on it. One very positive aspect for New Zealanders is that the bidder company is New Zealand owned.” Under the Takeovers Code, Rank Group will issue a takeover offer and CHH will provide a Target Company Statement containing an Independent Report and the CHH Independent Directors’ recommendation. This process will unfold over the next month in accordance with the Code.

Peter Springford confirmed that CHH and its Board will continue to work through the process, acting in the best interests of all shareholders.

We will be holding briefings over the next few days to answer a number of the questions you will have. In the meantime, please direct any enquiries to your Chief Operating Officer or Chief Executive. All media queries should be directed to Maree Webster, Commercial Director.

Peter Springford
Chief Executive Officer

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