April 16, 2018 / 10:57 PM / 5 days ago

NZ's Fletcher Building says Wesfarmers does not hold shares in company

SYDNEY, April 17 (Reuters) - New Zealand’s Fletcher Building Chief Executive Ross Taylor said on Tuesday that rumoured takeover suitor, Australian conglomerate Wesfarmers Ltd, does not hold shares in the company.

Shares in Fletcher surged on Friday following an Australian media report that the Wesfarmers had acquired 3 percent to 4 percent stake in New Zealand’s biggest construction company with a view to a takeover.

Australian investment firm Ellerston Capital said on Monday it has built a 5.1 percent stake in Fletcher. Taylor did not comment on that acquisition during a media call. (Reporting by Charlotte Greenfield, writing by Jane Wardell, editing by G Crosse)

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