Crown in surprise Echo sale

 

Crown Ltd. sold off its 10 percent stake in Echo Entertainment Group Ltd. in a surprise move, just days after Queensland approved its request to raise the stake to as much as 25 percent. The shares were sold at a 7 percent discount to Echo’s closing price before the sale, generating $264 million ($254 million) in proceeds. New South Wales is evaluating competing casino investment proposals for Sydney from Crown and Echo; the two have been given until June 21 to submit final bids.