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IN BRIEF: Majority shareholder Wittington sells 1.4% stake in AB Foods

31st May 2024 09:46

Associated British Foods PLC - London-based food and ingredient company and owner of fast-fashion retailer Primark - Largest shareholder sells 10.3 million AB Foods shares, a 1.4% stake, at 2,550 pence, worth GBP262 million in total, the bookrunner for the placing, UBS, confirms. Howard Investments Ltd, part of Wittington Investments Ltd, sells 10.3 million shares as planned, its intention to do so announced after the London market close on Thursday. Following the disposal, Wittington's stake in AB Foods will be 56.1%, though this will edge back up to 56.4% due to the share buyback currently being conducted by AB Foods. Wittington's main investment is AB Foods, though it also owns stakes in food and hospitality brand Fortnum & Mason, and invests in real estate.

Current stock price: 2,578.00p, down 3.1% early Friday in London

12-month change: up 41%

By Tom Waite, Alliance News editor

Comments and questions to [email protected]

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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