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Fairfax raises stake in Canada's Torstar to 22.7 percent
March 20, 2014 / 9:42 PM / in 4 years

Fairfax raises stake in Canada's Torstar to 22.7 percent

TORONTO (Reuters) - Fairfax Financial Holdings Ltd (FFH.TO) said on Thursday it has purchased an additional 3.4 percent of Torstar Corp (TSb.TO), pushing its total holding in the Canadian newspaper company to 22.7 percent.

Torstar Corp President and Chief Executive Officer David Holland speaks as Chair of the Board John Honderich looks on at the annual general meeting for shareholders in Toronto, May 5, 2010. REUTERS/Mark Blinch

Fairfax, a Canadian insurer and investment firm run by well-known investor Prem Watsa, said in a statement the purchase of about 2.4 million Torstar shares at C$5.35 a share was for investment purposes.

Torstar owns the Toronto Star, Canada’s largest daily newspaper by circulation, as well as other publishing assets. Its stock closed at C$5.51 on the Toronto Stock Exchange on Thursday.

Fairfax CEO Watsa has built a reputation as a shrewd contrarian investor by moves such as betting against the U.S. housing market in the last decade and reaping billions when the market collapsed.

Recently Fairfax has built a leading equity stake in struggling smartphone maker BlackBerry (BB.TO).

Reporting by Cameron French; Editing by Peter Galloway

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