GO
Loading...

Enter multiple symbols separated by commas

Wilbur Ross, Fairfax to sell 6% of Bank of Ireland shares

Two of Bank of Ireland's largest shareholders, Wilbur Ross and Fairfax Financial, began selling a 6.4 percent share in the country's largest lender on Tuesday, the placing's bookrunner Deutsche Bank said.

Billionaire investor Ross and Fairfax boss Prem Watsa were among a group of North American investors that kept the bank out of state hands in 2011 when they bought a 35 percent stake only months after Ireland signed up to an EU/IMF bailout.

(Read More: Ireland exits bailout: Mission not quite accomplished)

Bloomberg | Bloomberg | Getty Images

The group invested in the now 14 percent state-owned bank when its share price was at about 10 cents. The shares have risen significantly since then, jumping 120 percent last year and hitting a high of 0.39 euros this year.

The bank's shares were down 6 percent at 0.34 euros by 09:10 London time on Tuesday, having slipped 7 percent on Monday after publication of its full-year results.

(Read More: Ireland's bailout exit feted by bond markets)

Ross owned more than 2.9 billion Bank of Ireland shares, or 9.1 percent of the bank, before the announcement. Fairfax held 2.8 billion shares, or 8.7 percent.

Deutsche Bank said the accelerated bookbuilding of the 2.1 billion euros of shares on offer was open to institutional investors only.

Follow us on Twitter: @CNBCWorld

Contact Europe News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Europe Video

  • US growth disappoints

    Lindsey Piegza, chief economist at Stifel Fixed Income, discusses U.S. GDP growth in the second quarter and when the Federal Reserve will raise interest rates.

  • Fed to hike rates by year-end?

    David Bloom, global head of foreign exchange strategy at HSBC, discusses the euro/dollar and when the Federal Reserve may raise interest rates.

  • The next stage for Facebook?

    Cathie Wood, CEO of ARK Investments, says Facebook needs to invest in the "huge opportunities" that are Instagram, Whatsapp and Messenger, to generate more users.