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BRL Hardy fends off takeover

BRL Hardy has successfully repelled a hostile takeover bid for its largest shareholder, the Australian Wine & Horticulture Fund (AWH), which owns a 13% stake in the company. It cost A$25 million to edge out the threat posed by US-based fund manager Babcock & Brown. BRL was concerned that the stake could have been hawked off to predators. Its share price has since recovered lost ground.

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