Desmond raises stake in Barlo

FINANCIER Dermot Desmond has once again raised his stake in the plastics group Barlo, which is the subject of a management buy-out (MBO).

IIU Nominees, which is owned Mr Desmond, announced yesterday that it now holds 14.08% of Barlo shares, purchasing nearly 2 million shares at 42 cent, which is 2 cent higher than the bid for the company by its chief executive Dr Tony Mullins.

It is still unclear whether Mr Desmond intends to block the MBO at the current 40c price. To do so he would need 20% of Barlo’s shares as the offer requires the approval of 80% of all shareholders.