Billionaire Caught In Travel Web - TRAVELtech: "Cendant Corporation has sold down part of its shareholding in Webjet to investment entities associated with Melbourne billionaire Richard Pratt.
Thorney Holdings Pty Ltd now holds more than 7% of the online travel outfit after picking up five million shares at 36 cents from Cendant company Southern Cross Distribution Systems.
The transaction yielded a profit of around A$1.5 million for Southern Cross. Cendant still holds a 6.64% Webjet shareholding and has been a long-term investor in the company.
In a statement to the Australian Stock Exchange, Thorney Holdings revealed it has been building a stake in Webjet since early July, when shares were trading at 19 cents. "
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