Australian Crown seeks approval to lift Echo stake to 25 %
Crown and south east Asian largest gambling group Genting, which also owns about 10 % of Echo, have been circling the operator of the Sydney casino. This year Crown, controlled by billionaire James Packer, had sought regulatory approval to go above 10 % but has now amended the application to as high as 25 %.
Under Echo's constitution, no single party can hold more than 10 % without regulatory approval. Crown said the regulators have accepted the amended application and no decision has been made.
Genting has also applied to raise its stake beyond 10 % and sources with direct knowledge have said it would be meeting regulators this week to present its case.
On Tuesday, the regulators allowed fund manager Perpetual to raise its stake in Echo to up to 15 %. Perpetual had sought regulatory permission in late 2011. But Thomson Reuters data shows Perpetual currently has a stake in Echo of only 3.72 %.
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