AustralianSuper develops Pilbara and Endeavor holdings

In a strategic move, Australia’s largest pension fund, AustralianSuper, has increased its stake in two well-known Australian companies, indicating that it is shifting to a more confident investment strategy. The pension fund has become the largest shareholder in leading lithium miner Pilbara Minerals, with a 6.1% interest. The move surpassed the previous largest shareholder, a subsidiary of Ganfeng Lithium Group, which held a 5.74% stake, according to data from the London Stock Exchange Group.

The fund also strengthened its position in Endeavor Group, the country’s largest alcohol retailer and bar owner, by increasing its stake to 8.8% from 7.65%. The details come from a separate exchange filing released on Tuesday.

AustralianSuper, which oversees more than A$300 billion ($201.27 billion) in retirement savings, did not comment on the companies’ stake increases. The decision to invest in Pilbara Minerals was made in November last year and involved the purchase of A$558 million worth of shares. At the time, domestic lithium miners such as the Pilbara were receiving international attention as potential takeover targets due to growing demand for lithium, a key ingredient in electric vehicle batteries.

Endeavor Group also restructured its board of directors. The company’s chairman, Peter Hearl, resigned over differences with major shareholder, billionaire Bruce Mathieson. Increasing AustralianSuper’s stake in Endeavor ensures it remains the third-largest shareholder, potentially giving it greater influence over the company’s strategic direction.

Neither Pilbara Mining nor Endeavor immediately responded to requests for comment.

Reuters contributed to this article.

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