Seven Group takes chunk out of Beach Energy

Submitted by Paddy Harris on Wed, 2015-02-04 15:26

04th February 2015

Australia’s Seven Group Holdings purchase of 13.79 per cent in compatriot Beach Energy Limited has fuelled speculation over a possible takeover

Beach’s stock had crashed following poor yearly results in which it recorded a 17 per cent decline

“We believe Beach Energy is well managed and has strong assets that are well-placed for increasing future energy demand,” said Don Voelte, Seven Group Holdings MD and CEO. “Seven Group Holdings’ investment in Beach Energy is consistent with its strategy of participating in high quality energy opportunities that will add shareholder value.”

Seven Group Holdings, SGH, is a leading Australian diversified operating and investment group with market leading businesses in industrial services and media.

Industry sources say SGH is looking to build an energy arm to complement its media and mining assets, having already bought up smaller local player Nexus Energy last December.

Beach’s stock had crashed following poor yearly results in which it recorded a 17 per cent decline.