Mainfreight lifts stake

By PAM GRAHAM

Mainfreight is seeking "greater influence in decision-making" at Owens Group after lifting its stake in the rival transport and logistics company to 15 per cent yesterday.

Mainfreight bought 2.781 million shares at an average price of 99.2c each because the opportunity presented itself, said managing director Don Braid.

The companies had initial talks after Mainfreight bought 10 per cent of Owens.

Braid said he had not asked for board representation and it had not been offered.

Mainfreight is double the size of Owens on market capitalisation but the two generate similar annual revenues of between $420 million to $440 million.