9th Mar 2016 13:21
LONDON (Alliance News) - The disclosure made by HSBC Holdings PLC that it was custodian of a stake in excess of 5.0% in luxury goods retailer Burberry Group PLC was part of a series of trades rather than a single investor building a stake, Bloomberg reported.
On Tuesday, Burberry shares pushed higher after a report in the Financial Times said the company had asked its banks to investigate the identity of the owner of a 5.0% stake disclosed by HSBC. Burberry was thought to be concerned it may become a takeover target.
Citing people familiar with the matter, Bloomberg said the HSBC disclosure was made after it executed trades for a number of clients, briefly taking its holding above the 5.0% threshold.
Burberry shares were down 5.5% to 1,382.00 pence early afternoon Wednesday, giving up the takeover speculation-inspired gains made on Tuesday.
http://www.bloomberg.com/news/articles/2016-03-09/burberry-stake-disclosure-said-sparked-by-trades-not-approach
By Sam Unsted; [email protected]; @SamUAtAlliance
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