Sean Quinn moves closer to Barlo buyout

The Quinn Group looked to be in a powerful position for a Barlo takeover last night.

Sarcon, an investment subsidiary of Quinn Group, told the stock exchange yesterday that it currently holds a 61.2% stake in the plastics and radiator company.

If this share is increased to 80%, Sarcon would be able to buy the remaining shares compulsorily.

The announcement comes in the wake of an offer of 48 cent per share made by Sarcon to Barlo shareholders last month.

This offer valued the company at €84m.