Desmond raises stake in Barlo to 7.7%

THE proposed takeover of Barlo looked increasingly uncertain yesterday as news emerged that controversial financier Dermot Desmond had raised his stake in the plastics and radiator company to 7.7%.

Mr Desmond's investment vehicle IIU told the stock exchange that Bottin Investments, another Desmond company, spent almost €1 million on Barlo shares on Wednesday.

Mr Desmond's intervention brought Barlo's share price to 42 cent, which was two cent over the price offered by Barlo chief executive Tony Mullins when details of his management buyout bid were announced last week.