Brandes further cuts Marks & Spencer stake to 6.57 pct |
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Published
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Wed, 21 Mar 2007 15:26
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LONDON (AFX) - Brandes Investment Partners has further reduced its stake in Marks & Spencer Group PLC to 6.57 pct, according to a notification to the stock exchange.The US investment firm's previous notification, on Jan 19, had revealed a holding of 7.81 pct.Brandes built up its stake in M&S just before and during the retailer's takeover battle with Sir Philip Green in 2004. This year it has been reducing its holding and booking healthy profits.At 1.43 pm shares in M&S were up 4.5 pence at 677 pence, valuing the business at 11.5 bln stg. They peaked at 750 pence in early January.james.davey@thomson.comjdd/bsdCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Marks & Spencer's largest stakeholder sells 2% holding 