Canada’s Fairfax Financial Holdings has launched the sale of half of its stake in Bank of Ireland to cash in on shares that have more than tripled in value since their purchase.
The firm, run by investor Prem Watsa, has offered 935 million shares for sale via Deutsche Bank at an indicative price range of 35.75 to 37.25 euro cents per share, Reuters reported citing IFR, a Thomson Reuters publication.
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Fairfax has been part of a consortium with US billionaire Wilbur Ross that bought a 35% stake in Bank of Ireland after Ireland signed up to an EU/IMF bailout.
The Toronto-based financial holding company has sold a third of its original 8.7% stake in March 2014.
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