Fairfax Financial Holdings (FFH.TO), owned by Canadian billionaire Prem Watsa, said on Monday it bought an almost 14 per cent stake in steelmaker Stelco Holdings (STLC.TO) for C$250.1 million ($189.93 million).
It acquired over 12 million shares of Stelco at C$20.50 per share, a premium of 4.2 per cent to its close on Friday.
The insurer bought the stake in Stelco from Bedrock Industries, a unit of Lindsay Goldberg LLC, which owned 60.1 per cent in the company before the sale.
Bedrock still holds about 47 per cent stake in Stelco.
Source: Reuters.com