As Kerry Stokes commits up to $10 million of his private wealth defending the honour of Ben Roberts-Smith and other SAS soldiers, the billionaire is simultaneously in danger of being swamped in unwanted debt by becoming Australia’s biggest concrete mogul.
When Stokes’ 57.5% owned conglomerate Seven Group Holdings launched a $6.50 cash takeover bid for Boral in May, its stated intention was only to lift its stake in the building products giant from 23% to 30%.
The takeover bid then went unconditional on July 1, when it was lifted to $7.30 with the extra incentive of a 10c lift to $7.40
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