Fairfax chairman doubled stake ahead of reforms

Call it prescience. Call it serendipity. But don't call it inside knowledge. It has emerged that Ron Walker, chairman of one of Australia's leading media businesses, Fairfax, spent about £600,000 to double his stake in his company in the days before the government announced its media reform package. Those reforms make Fairfax a possible takeover target and its stock has risen as a result, already giving Walker a 7% paper profit. "I just wanted to show staff and investors that I supported the company," Walker told The Australian, presumably with a straight face. (Via The Australian)