Billionaire James Packer has tapped UBS to sell his once-strategic stake in Echo Entertainment. There are three possible scenarios from this news, but one definite that onlookers can take away. Meanwhile, Billabong International is selling off an iconic brand in Canada and GrainCorp’s Alison Watkins dismisses concerns about the Archer Daniels Midland deal.
Crown, Echo Entertainment
News emerged late yesterday that Crown billionaire James Packer was selling his $264 million stake in Sydney casino rival Echo Entertainment. It quickly conjured a debate about what Australia’s casino king is up to.