Bank of Ireland Shares Drop As Watsa’s Fairfax Prunes Stake

Canada’s Fairfax Financial sold half of its 5.8% stake in the Bank of Ireland, cashing in on shares that have more than tripled in value since its purchase in 2011. Echoing the sale announcement, Bank of Ireland shares dropped more than 8% to 35 euro cents today.

Fairfax and consortium took 35% stake in Bank of Ireland

Canada’s Fairfax was part of a consortium including U.S. billionaire Wilbur Ross and three other investors that bought a 35% stake in the Bank of Ireland months after Ireland signed up to an EU/IMF bailout in a deal that kept the bank out of state control.

The Canadian property and casualty insurer sold a...