Fairfax sells off remaining Tembec stake

TORONTO — Fairfax Financial Holdings reported that it has sold, through its subsidiaries, 14,235,644 common shares of Tembec, representing approximately 14.2% of the issued and outstanding shares. The shares were sold on the Toronto Stock Exchange at an average price of about $4.30 each. The divestment, intended to take advantage of recent appreciation in the shares’ value, means that Fairfax no longer holds a stake in the Montreal-based forestry firm, which recently announced it is being bought in a friendly takeover by a Florida cellulose company.