	dairy farm bids mln stg for pct kwik save dairy farm international holdings ltd said in a statement it is making a tender offer for pct of kwik save discount group plc kwik l of britain for a total mln stg dairy farm said it will offer to buy up to mln kwik save shares at stg each the offer will bring dairy farm s stake in kwik save to pct from the present pct or mln shares the offer which will begin on monday and ends june requires that the shares tendered will bring its stake to at least pct dairy farm said it will finance the uisition by placing mln shares with affiliate jardine strategic holdings ltd jars hk at h k dlrs each for a total of mln dlrs the placement will raise jardine strategic s stake in dairy farm to pct from the current pct it said the kwik save purchase will also be financed with a loan from the hongkong and shanghai banking corp hkbh hk it did not give the size of the loan but it said it would raise its net bank borrowings to a maximum of billion h k dlrs dairy farm said it would reduce its bank borrowings by the proceeds from the previously announced sale of its office building in sydney for mln dlrs it will consider raising additional capital most probably through a placement of convertible preference shares in the euromarket it added company chairman simon keswick said the u k market offers attractive opportunities for competitively priced food retailers and that a strategic investment in kwik save offers the best vehicle to pursue those opportunities reuter 
