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Walker ups stake in minnow

Billionaire real estate magnate Lang Walker has increased his stake in Medical Australia, an animal and human health care company, to 4 per cent after snaffling 10 million shares at 20¢ apiece in a placement.

Billionaire real estate magnate Lang Walker has increased his stake in Medical Australia , an animal and human health care company, to 4 per cent after snaffling 10 million shares at 20¢ apiece in a placement.

The deal allows Medical Australia, capitalised at just $15 million, to complete the acquisition of MediVet. Medical Australia and MediVet already had a relationship, with the former picking up the British distribution rights to distribute MediVet’s regenerative stem-cell treatment in 2011. In terms of cash, the deal is a drop in the ocean compared to Walker’s typical property transactions. In October, he offloaded the Melbourne head quarters of the Australian Taxation Office for $279 million to Singapore’s CIMB TrustCapital Advisers and two major Malaysian pension funds.

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Original URL: https://www.afr.com/policy/walker-ups-stake-in-minnow-20131210-ij9oy