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Packer increases stake in Crown

Businessman James Packer has bought an extra AU$203 million ($183.7 million) stake in casino company Crown.

He now holds 22.5 million shares in the organisation, which represents a 40 per cent stake. The latest purchase was the largest amount he could buy without being required to launch a full takeover bid.

According to the Australian, the decision might have been made because of the strength of Wynn Macau's debut on the Hong Kong stockmarket this month.

A market source told the publication: "This was an obvious first step, but there's not going to be a takeover bid next week."

They suggested that a full takeover bid for Crown's remaining shares could cost him about AU$4 billion - although it might amount to more as shareholders usually require a premium to relinquish control.

Earlier this month, Crown announced that it was planning to sell some of its prime Southbank sites near its venue in Melbourne.