Aus­tralia’s Eller­ston takes 5.1% stake in NZ’s Fletcher

Viet Nam News - - MARKETS -

WELLING­TON — Aus­tralian in­vest­ment man­age­ment firm Eller­ston Cap­i­tal has ac­quired a 5.1 per cent stake in New Zealand’s largest con­struc­tion firm Fletcher Build­ing Ltd, the builder said in a re­lease to the stock ex­change yes­ter­day.

Syd­ney-based Eller­ston Cap­i­tal did not im­me­di­ately re­spond to a re­quest for com­ment on who it bought the stake on be­half of.

Shares in Fletcher rose 2.52 per cent to NZ$6.50 when the New Zealand stock ex­changed opened.

That fol­lowed a huge rally on Fri­day which saw shares rise at their sharpest rate in al­most 20 years fol­low­ing spec­u­la­tion that the em­bat­tled builder could be the tar­get of a takeover by in­ter­na­tional in­vestors.

The rally had been prompted by a Syd­ney Morn­ing Her­ald re­port, cit­ing un­named sources, that Aus­tralian con­glom­er­ate Wes­farm­ers had bought a 3 to 4 per cent stake in the builder, whose share prices had been eroded in the past year by a se­ries of blow outs in its com­mer­cial con­struc­tion unit. — REUTERS

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