Fletcher stock jumps 13% after report Wesfarmers may have picked up small stake

Thu, 12 Apr 2018

By Jonathan Underhill April 13 (BusinessDesk) - Fletcher Building shares jumped 13 percent after the Sydney Morning Herald reported that Wesfarmers has acquired a small stake in the company in a possible precursor to a full takeover. Fletcher rose 75 cents to $6.59 on the NZX having sunk to its lowest levels in almost six years last week. The SMH cited sources close to Wesfarmers as saying it had bought between 3 percent and 4 percent of Fletcher. That would amount to up to about 27.9 million shares. There have been no trades of that size...

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