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22Oct92 AUSTRALIA: COSTAIN BLOW.

The City's reaction to Costain's sale of its Australian coal operation to Hanson - to leave the shares unchanged at 26p - may seem uncharitable.The deal involved selling the business to Hanson's Peabody Resources for £123 million.Analysts believe it will reduce the group's borrowings to £175-180 million and, after various write-downs, leave gearing of 55-60 per cent.The subdued market response reflects both a wider anxiety about contractors taking on UK contracts at uneconomic ...

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