A spokesman for Australia's Gunns Ltd. (GNS.AU) declined to comment Friday about the emergence of Bank of America Corp. (BAC) on the forestry company's share register.

Bank of America filed a substantial shareholder notice late Thursday that showed it holds 40.94 million shares of Gunns. The 5.07% stake was built through a series of on-market transactions mostly in March and April.

Asked whether there has been any contact between the two companies, Gunns' spokesman said, "We don't comment on discussions with shareholders."

Nor did the spokesman shed any light on Bank of America's intentions.

Gunns' share price collapsed in February, tumbling from a peak at A$1.00 to open trading in March at 60 cents. The share price closed Thursday at a 10-year low of 47.5 cents.

On Feb. 22, Gunns posted a A$420,000 net profit in the first half of this fiscal year to June 30, down 98% on year.

 
   -by Ray Brindal, Dow Jones Newswires; 612 62080902; ray.brindal@dowjones.com
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