Report: News Corp. not to invest further in REA Group

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Report: News Corp. not to invest further in REA Group

07/02/09

The Finance News Network is reporting that News Corp. has decided not to invest further in the REA Group. News, the report claims, was offered some of the 13.5 million shares which were sold yesterday on behalf of Sam White, deputy chairman of Ray White Group.

The Finance News Network says that, according to the Australian Financial Review, News Corp’s local arm News Ltd wanted to acquire some of the shares to up the company’s existing 60.7 percent stake in REA.

News Corp. tried to takeover the REA Group in 2005. Last October, the company purchased 3 million shares from Ray White for $4.50 a share. The 13.5 million shares held by Ray White this time sold at $5.75 per share.

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