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Fairfax buys into carsales.com.au

Endorsement: John Fairfax has acknowledged the success of the dealer-owned auto web site, carsales.com.au, by buying a large shareholding. The site was always going to be a gamble against the large newspaper publishers and the purchase looks like Fairfax thinks the dealers are on a winner.

Surprise off market purchase of Yahoo! shares

General News logo21 Feb 2005

A COMPANY associated with John Fairfax Ltd, AIPD Pty Ltd, has become one of the biggest individual shareholders in Australia’s leading motoring web site carsales.com.au.

The move, which appears to have caught the board and management of carsales by surprise, sees Australia’s second largest newspaper group taking a position in the very company that has been giving it so much grief on motoring classified advertising revenue.

The stake of 15 million shares represents about 11.6 per cent of carsales shares. Based on the dividend record of carsales last year, the investment will return about $300,000 a year.

Full report go to GoAuto Professional. www.professional.goauto.com.au

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