Kerry Stokes’s Seven Group lifts stake in Boral to above 12%
Kerry Stokes’s Seven Group has boosted its stake in Boral, using a dip in the share price to lift its ownership.
The Kerry Stokes-controlled Seven Group has boosted its stake in Boral, using a dip in the share price to lift its ownership in the embattled construction materials giant to over 12 per cent.
After amassing an initial 10 per cent stake over the past few months, the conglomerate controlled by one of Australia’s richest men said it had acquired an extra 27 million shares from June 18 to June 29, to hand it a 12.2 per cent stake.
Seven’s success in gradually building up a 30 per cent stake in Beach Energy, where it holds two board seats, may prove a blueprint for its strategy on Boral.
Seven Group indicated earlier this month it would push for changes at Boral after describing the construction materials giant as facing challenges around leadership, strategy, litigation and execution.
Boral shares fell 3.2 per cent on Monday to $3.65.
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