Kerry Stokes’ Seven Group buys more Boral stock
The company backed by Kerry Stokes appears to be amassing more shares in Boral after Credit Suisse sold about 2.6 per cent of the stock on Thursday.
The company backed by billionaire Kerry Stokes appears to be amassing more shares in Boral after Credit Suisse sold about 2.6 per cent of the stock on Thursday.
The parcel of shares was understood to have sold for $5.95 each after Boral’s share price closed at $5.94.
Sources say the likely buyer was Mr Stokes’ Seven Group. It is understood there were four crossings totalling 2.6 per cent.
Mr Stokes’ Seven Group lifted its stake in Boral to 19.9 per cent last year, just under the takeover threshold, as it boosted its exposure to the construction materials group and achieved board representation. He has been able to increase his stage gradually as part of the creep provisions.
Separately on Thursday, S&P Global Ratings affirmed Boral’s BBB credit rating and lifted its outlook to stable, saying the company’s restructured core portfolio could help restore its profitability over the next 12-24 months.
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