Crown confirm Echo application for 25% stake

Crown confirm Echo application for 25% stake

Wednesday, July 4, 2012 Totally Gaming

James Packer's casino group Crown revealed that it is seeking regulatory approval to raise its stake in rival Echo Entertainment to up to 25 percent from its current holding of 10 percent. The announcement follows news that fund manager Perpetual has been granted regulatory approval to raise its own holding in the casino company to 15 percent.  

A statement from Crown said the regulators have accepted the amended application and no decision has been made.

Genting is also applying for an increased stake in the Australian gaming firm, which has fueled a AU$700m increase in its value, to Au$3.3bn, as analysts cut 2012 earnings estimates by 40 percent, according to data compiled by Bloomberg.

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