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BoI shares down on Fairfax move
31 Mar 2015 09:09
Canada's Fairfax Financial Holdings has sold half of its 5.8% stake in Bank of Ireland for more than triple what it paid for it in 2011, a source with knowledge of the deal said.
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Bank of Ireland shares were down 6% after news of the deal.
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The Canadian property and casualty insurer run by investor Prem Watsa sold 935 million shares for 36 cent each, the source said.
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Bank of Ireland shares were down 6% at 36.2 cent early this morning following the sale, which was managed by Deutsche Bank.
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Fairfax bought an 8.7% stake in 2011 as part of a consortium including US billionaire Wilbur Ross when the shares were trading at 10 cent, and cut that to 5.8% last March.
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The 2011 consortium bought a total 35% stake in the bank in the months after Ireland signed up to an EU/IMF bailout in a deal that kept the bank out of state control.
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