Grafton ups stake in rival

IN a surprise move Grafton Group has increased its stake in its rival Heiton Holdings to just over 29%.

Grafton ups stake in rival
Fri, 21 May, 2004 - 01:00
Brian O'Mahony, Chief Business Correspondent

It follows the purchase of 2.6 million shares 5.3% of the company by its subsidiary Weeksbury on Wednesday. Analysts have ruled out a takeover of Heiton by Grafton.

The share purchase yesterday cost the group about €12 million.

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