Desmond's Barlo stake nears 17%

Dermot Desmond has upped his stake in plastics and radiator manufacturing group Barlo to just under 17%.

Desmond's investment vehicle IIU bought 3.079 million shares at 42c per share yesterday, according to the Irish stock exchange.

IIU also announced that it had bought a further 181,000 shares at 42c per share on Tuesday.

Barlo directors had recommended that shareholders accept the 40c a share offer made by chief executive Tony Mullins who is leading a management buyout of the company.

Desmond's purchase leaves him just 3% below the required 20% to block Mullins' mbo offer, which needs 80% shareholder approval to succeed.

Barlo is to hold an emergency general meeting later this month to decide the company's future.

Its shareprice was up 1c to 43c on the Iseq this morning.