Key M&S investor sells more shares
Thursday 24 June 2004
The US institutional investor that could determine whether Philip Green presses ahead with his £8.4bn attempt to acquire Marks & Spencer has sold a further stake in the retailer worth £6.6m, it emerged yesterday.
Brandes Investment Partners, the San Diageo-based fund management group, has continued to chip away at its holding in M&S over the past few weeks, yesterday announcing that it had sold 1.6 million of the company's US-listed shares at $6.59 a share.
The share deal took Brandes's holding to 11.84 per cent. It owned 12.9 per cent of the retailer just two weeks ago. Brandes - the target of Mr Green's current charm offensive - also sold a line of 192,000 American depository receipts in M&S. The price of M&S shares slipped 4.25p at 358p yesterday.
Observers doubt whether Mr Green's camp has managed to persuade Brandes' senior analyst, Amelia Morris, of the merits of its 370p-per-share approach, which M&S dismissed last week.
Mr Green's advisers maintained yesterday that they hoped to have sounded out all three of M&S's US investors by the end of the week. Several of the group's UK shareholders have declared their support for the M&S board, leading some analysts to predict that Mr Green will abandon his bid attempt.
Separately, it emerged yesterday that John Readman, the property director at Mr Green's Arcadia Group, owns 20,000 shares in M&S. He bought the stock on 15 January, the day after M&S shocked the City with poor Christmas trading figures. M&S flushed out his holding as part of its campaign to discover who owns its stock. It has also issued a "section 212" notice to Richard Caring, Mr Green's close friend and chief supplier. But Mr Caring has yet to declare whether he has any interest in M&S shares.
- 2 Joan Rivers: 'Palestinians deserve to be dead'
- 3 Daily Show's Jon Stewart destroys Fox News for its Ferguson coverage
- 4 Botched ice bucket challenge leaves man critically injured after plane drops hundreds of gallons of water
- 5 Friends reunion: Jennifer Anniston, Lisa Kudrow and Courteney Cox perform mini sketch on Jimmy Kimmel Live
Notting Hill Carnival: Woman shares selfie after being ‘punched in face for telling man to stop groping her’
YouTube video posted by Isis militants shows 'execution of 250 Syrian soldiers'
Joan Rivers: 'Palestinians deserve to be dead'
Daily Show's Jon Stewart destroys Fox News for its Ferguson coverage
Botched ice bucket challenge leaves man critically injured after plane drops hundreds of gallons of water
Exclusive: We share blame for creating 'jihad generation', says Muslim strategist
Robin Williams Emmys tribute led by Billy Crystal criticised for including 'racist' joke about Muslim woman
The Rotherham child abuse scandal is a tale of apologists, misogyny and double standards
Scottish independence TV debate: Pumped-up Alex Salmond bounces back in bruising second round against Alistair Darling
Do you realise just how foolish the UK looks?
Ukip Douglas Carswell defection: Tory MP jumps ship to join Nigel Farage
- < Previous
- Next >
iJobs Money & Business
£35000 - £55000 per annum: Harrington Starr: A Global global asset management ...
£55000 - £65000 per annum: Harrington Starr: A Global Financial Service Organi...
£50000 - £60000 per annum: Harrington Starr: A world leading business intellig...
£40000 - £50000 per annum: Harrington Starr: A Global Financial Service Organi...