Controversial investor Joe Lewis doubles down on Australian Agriculture stake
Controversial businessman and British Premier League soccer team owner Joe Lewis has signalled his intent with Australian Agriculture – and it’s bad news for Andrew Forrest.
Lewis, who is facing US charges related to insider trading, has increased his stake in Aust Ag to 52 per cent after snapping up another 6 million shares in the beef producer.
It’s a marginal increase from his previous holding of 51 per cent, but signals he is unlikely to get out of the way of Forrest anytime soon.
Forrest also missed out in the battle with Mike Cannon-Brookes for SunCable.
The on-market acquisitions by Lewis in Aust Ag have been taking place since March in small parcels.
Last year, Forrest spent about $11 million to lift his stake to 18 per cent.
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The US charges dragged Aust Ag into controversy in July when it was alleged that information relating to the impact on the company of floods had been leaked by Lewis to his staff.
However, Lewis’s two representatives on the Aust Ag board denied leaking the information to him.
Lewis has also pleaded not guilty to the charges in the US.
