Kerry Stokes-led Seven Group Holdings Limited (ASX:SVW)
has confirmed it has secured 13.79 per cent of Beach Energy Limited (ASX:BPT)
Shares in the oil and gas producer had risen amid speculation the investment company was building its stake, which was confirmed yesterday evening.
Seven Group says Beach Energy is well managed with strong assets well placed for increasing future energy demand.
The company’s latest expansion into the energy sector comes after it controversially took control of troubled oil and gas junior Nexus Energy Limited (ASX:NXS)
Seven Group Holdings reported a net profit of almost $263 million in the 2014 financial year.