Billionaire Ross Triples Money in Bank of Ireland Share Sale
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Wilbur Ross, the U.S. billionaire investor in struggling industries, sold part of his stake in Bank of Ireland Plc, more than tripling his money with his bet on the lender. The bank’s shares tumbled.
Deutsche Bank AG and Davy, Ireland’s largest securities firm, placed about 2 billion Bank of Ireland shares today on behalf of Ross and Fairfax Financial Holdings Ltd. The shares, equating to a 6.4 percent stake in the largest Irish lender, were sold at 32.8 euro cents each, Deutsche Bank said in a statement. The investors paid 10 cents for the shares in 2011.