New Zealand billionaire investor Richard Chandler will inject A$150m into revamping Australian forestry company Gunns as part of a A$280m capital raising.
Richard Chandler Corporation (RCC) has confirmed it will take a stake in Gunns and will see to “catalyse” the long-planned A$2bn Bell Bay pulp mill.
Tasmanian senator Bob Brown has written to the billionaire to inform him of the huge community opposition to the mill.
Gunns’ shares shot up 60% after the corporation’s announcement. Under the deal (RCC) would become Gunns’ major shareholder with 39% of the company.
