Ross and Fairfax partly unload Bank of Ireland stakes

|About: Fairfax Financial Holdin... (FRFHF)|By:, SA News Editor

Wilbur Ross and Fairfax Financial (FRFHF) paid about €0.10 per share when they acquired about an 18% stake in Bank of Ireland (IRE -6.6%) in 2011 to help prevent the lender's nationalization. Not unexpected given strong demand for the stock, today's sale whittles their holdings down to about 12%. The two have more than tripled their money with the investment.

The Irish government continues to hold a 14% stake in the bank and there will no doubt be heightened interest in an offering of these shares.