Billionaire Watsa Now Second-Biggest Shareholder in Stelco
- Fairfax pays almost $190 million to Bedrock Industries
- Canadian steelmaker sees higher shipments after earnings beat
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Billionaire Prem Watsa’s investment company, Fairfax Financial Holdings Ltd., has taken an almost 14 percent stake Stelco Holdings Inc., even as Canada and the U.S. remain embroiled in a battle over steel and aluminum tariffs.
Fairfax acquired 12.2 million shares in the Hamilton, Ont.-based steel manufacturer representing about 13.7 percent stake, the company said in a statement Monday. It paid C$20.50 per share for a total cost of about C$250 million ($190 million). The shares rose 3.5 percent to C$20.35 at 11:29 a.m. in Toronto.