CORRECTED-UPDATE 1-Wilbur Ross and Fairfax to sell 6 pct of Bank of Ireland
(Corrects bracketed word in penultimate paragraph to "state's", from "bank's")
* Pair invested when shares had fallen to 10 cents
* High of 39 cents reached this year
* Shares down 7 pct after announcement of stake sale
* State holds 14 pct, has said in no rush to sell
By Padraic Halpin
DUBLIN, March 4 (Reuters) - Two of Bank of Ireland's largest shareholders, Wilbur Ross and Fairfax Financial , began selling a combined 6.4 percent stake in the country's largest lender on Tuesday, the placing's bookrunner Deutsche Bank said.
Billionaire investor Ross and Fairfax boss Prem Watsa were among a group of North American investors who kept the bank out of state hands in 2011 when they bought a 35 percent stake only months after Ireland signed up to an EU/IMF bailout.
The group invested in the bank, in which the state holds a 14 percent stake, when the share price stood at about 10 cents. The shares have risen significantly since then, jumping 120 percent last year and hitting a high of 0.39 euros this year. Continued...