Business Services Industry
U.K. retailer Marks & Spencer gets boost as biggest shareholder stands firm.
Knight Ridder/Tribune Business News, October, 2004
Daily Mail, London Knight Ridder/Tribune Business News
Oct. 27--Marks & Spencer's biggest shareholder Brandes has shown its support for the company by selling no more than a handful of shares in the tender.
The US fund manager disclosed its stake has risen to 15.3 percent. This demonstrates that it believes the shares are worth much more than the 362 pence tender price.
According to the last published figure, Brandes had an 11.9 percent holding. It could have taken it up to a maximum of 16.5 percent after Marks bought back 27.9 percent of its share capital.
Bankers believe its holding was reduced slightly ahead of the tender, so it may not have sold any shares at all this week.
Brandes has proved adept at spotting...
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