Desmond closes in on 20% Barlo stake

FINANCIER Dermot Desmond is just €700,000 away from the 20% stake needed to block the controversial management buyout of plastics and radiator group Barlo.

Mr Desmond’s investment vehicle IIU told the stock exchange yesterday that it bought a further 1.2% of Barlo on Friday, bringing IIU’s stake to 19.1%.

Mr Desmond held approximately 5% of Barlo when the company announced details of the proposed buyout last month. He has spent approximately €10 million snapping up Barlo shares since then. His stake is now valued at over €14m.