(Reuters) - Australian online auto classifieds firm Carsales.com Ltd said on Monday it acquired the remaining 51% stake in U.S.-based Trader Interacti.
Spending $1.2 billion on expansion in the US ahead of a recession seems either brave or foolhardy. Carsales CEO Cameron McIntyre says it makes commercial sense.
A rally by the big four banks lifted the Australian sharemarket higher on Monday with the benchmark index gaining 1.9 per cent, or 127.30 points, to close at 6706.
Carsales.com (ASX:CAR) has halted trading as a result of its decision to acquire the remaining 51 per cent interest in Trader Interactive for US$809 million (A$1.17 billion).
Australian shares are up 1.6pc; Dye & Durham cuts Link offer; Carsales to buy rest of Trader Interactive for $1.2b; Metcash announces new distribution centre; Suncorp reviews banking operations. Follow updates here.