November 19, 2018 / 1:37 PM / a month ago

Prem Watsa's Fairfax Financial takes stake in Canadian steelmaker

FILE PHOTO: Fairfax Financial Holdings Ltd. Chairman and Chief Executive Officer Prem Watsa speaks during the company's annual meeting in Toronto April 11, 2013. REUTERS/Aaron Harris

(Reuters) - Fairfax Financial Holdings (FFH.TO), owned by Canadian billionaire Prem Watsa, said on Monday it bought an almost 14 percent 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 percent 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 percent in the company before the sale.

Bedrock still holds about 47 percent stake in Stelco.

Reporting By Aparajita Saxena in Bengaluru; Editing by Shinjini Ganguli

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