Treasury stock dumped by key investor Capital Group
Highly-prized investor Capital Group has slashed its stake in Treasury in the wake of Michael Clarke’s move to step aside.
Highly-prized global investor Capital Group has continued to dump Treasury Wine Estates shares this year, having sold $445 million worth in recent weeks and reducing its stake in the company from 9.7 per cent to six per cent.
The move follows Michael Clarke’s decision to step aside in the September quarter this year after six years running the company.
Mr Clarke’s era has seen Treasury’s stock price increase by close to five times to $17.70 from $3.66 a share when he started in March 2014.
He will be replaced by current chief operating officer Tim Ford.
Capital is highly prized as a shareholder by big companies because of its long-term holdings and careful scrutiny of the stock it holds.
It is not known whether its sales have anything to do with Mr Clarke’s departure.
The manager is a long-term holder of the stock and perhaps just wanted to bank its profits.
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