Packer Echoes a Stokes strategy

The move by James Packer's Crown on Echo Entertainment is likely to emulate his friend Kerry Stokes' creeping control technique, with grand and ambitious development goals.

There’s a lot of confusion over the technicalities of James Packer’s disclosure that he has an interest in Echo Entertainment but little about his intent. It was obvious from the moment Echo was de-merged from Tabcorp last year that Packer’s Crown Ltd would eventually, and probably quickly, move on Echo.

The confusion, indeed controversy, relates to the nature of Crown’s interest in Echo, which is held through a cash-settled equity derivative which, presumably, is about to be settled.

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