Shares in luxury retailer Burberry, a favourite holding of Old Mutual Global Investors' Richard Buxton, rose 6.4% today on speculation of an upcoming takeover bid, but the FTSE 100 remained in the red in afternoon trading.
The stock, which Buxton bought back into last November despite a set of weak Q3 results, was trading at £14.60 in afternoon trading today. According to the Financial Times, a mystery investor has built up a stake close to 5% in the luxury firm, prompting speculation the company may be about to be taken over. The paper reports Burberry has sought help from its financial advisers to defend it against any potential takeover bids, as well as unsuccessfully asking its custodian HSBC to reveal the identity of the mystery investors. The company, which has seen its market value drop by mor...
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