Desmond increases stake in Barlo

Dermot Desmond's investment vehicle Bottin International Investments, has increased its stake in radiator and plastics group Barlo following the purchase of an additional 1.2 million shares for €0.39 a share.

On Wednesday Bottin bought just under 1.3 million shares, also at €0.39 each and Bottin now has a 6.3% holding in the company.

Earlier this week Barlo's independent directors said they would be recommending a €0.40 per share cash offer from a management team led by chief executive Tony Mullins.

The offer put a €70m price tag on the company and is conditional on the disposal of its Athlone Extrusions subsidiary to Hasik, a company set up by management and staff at the Athlone company.

Following the announcement Barlo's shares rose 1c to €0.40 on the ISEQ in Dublin just before 1pm today.