Wellington, New Zealand, January 13, 2006--Australian carpet maker Godfrey Hirst said its move to increase its stake in New Zealand's Feltex Carpets Ltd., doesn't signal a fresh takeover bid, according to the Business Herald.
Godfrey Hirst finance director Jim Walsh said former Feltex executives had offered the 2.9 million shares it bought off-market on Thursday, while another 1.9 million were purchased on-market over the past six months.
"It made sense to buy them...it doesn't signify any other change in our position," he said, referring to the increase in its Feltex stake to 8.7% from 5.8%.
As Feltex's largest shareholder, Godfrey Hirst proposed a merger last year, which was rebuffed by the New Zealand company.
