IRELAND: Independent Franchise Partners ups C&C Group stake
C&C Group attractive to Independent Franchise Partners
Hedge fund Independent Franchise Partners has built up a 6% stake in C&C Group.
C&C Group announced late last week that Independent Franchise Partners (IFP) has taken its stake in the Magners cider maker to 6.04%, after buying a further 3m shares in the company. Shareholdings must be disclosed after the 6% ownership line is crossed.
The move makes the private finance group C&C's third biggest shareholder, according to Ireland's Independent newspaper. Financial details of the IFP transaction were not disclosed, but C&C Group's stock market value stood at EUR977m (US$1.3bn) in morning trading today (10 October).
C&C will report its half-year results on 19 October.
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