Fairholme Boosts Stake in St. Joe; Both Stocks Rise

Published Fri, Sep 16 2011 9:52 AM EDTUpdated Fri, Sep 13 2013 4:33 PM EDT

The Associated Press

Fairholme Capital is increasing its stake in the Florida real estate developer St. Joe, six months after its founder was named chairman of the board.

St. Joe disclosed in a regulatory filing Friday that it entered a stockholder deal with its biggest shareholder, Fairholme Funds , and Fairholme Capital, that will allow it to boost its ownership stake to up to 50 percent. Fairholme had been approved to buy up to a 30 percent stake previously.

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