ECONOMY

Fairfax to buy stake in Mytilineos, too

Canadian investor Fairfax Financial Holdings announced on Friday the acquisition of a 4.253 percent stake in the Mytilineos Group through a stock transaction worth 25.5 million euros.

This investment move by the Canadian company, which manages funds valued at 32 billion euros, is its second placement in the Greek market after acquiring a stake in Eurobank Properties.

Fairfax also announced on Friday that it will up its stake in Athens-listed Eurobank Properties from 19 to 41 percent in a share issue to be completed by April. The Canadian firm will pay 144 million euros in the increase as besides exercising its rights it will buy Eurobank’s rights for 20 million euros.

State-owned Eurobank will then just hold a 33.5 percent stake in its real estate subsidiary should all other shareholders exercise their rights in the capital increase process.