Shares in troubled retailer Marks and Spencer are rocketing amid rumours that Icelandic retail specialist Baugur could be building a 3% stake in the company.
Reports in the City suggest that an Icelandic group has been building a stake in the retailer in the past week amounting to £170m.
As The Grocer went to press, M&S shares were moving at a fast pace, with 13.2 million changing hands on Tuesday and a further 23.8 million on Wednesday. The trading made M&S shares one of the highest climbers on the stock market.
The dealing has prompted M&S to send out Section 212 notices under the Companies Act, which obliges mystery shareholders to reveal their identities. Both M&S and Baugur refused to comment.
Baugur already has a stake in the Big Food Group, which owns supermarket chain Iceland and wholesaler Booker. It is also part of a consortium bidding £1.2bn for Somerfield.
Two further Icelandic companies have also been thrown into the mix - banking groups Kaupthing and Landsbanki.
Reports in the City suggest that an Icelandic group has been building a stake in the retailer in the past week amounting to £170m.
As The Grocer went to press, M&S shares were moving at a fast pace, with 13.2 million changing hands on Tuesday and a further 23.8 million on Wednesday. The trading made M&S shares one of the highest climbers on the stock market.
The dealing has prompted M&S to send out Section 212 notices under the Companies Act, which obliges mystery shareholders to reveal their identities. Both M&S and Baugur refused to comment.
Baugur already has a stake in the Big Food Group, which owns supermarket chain Iceland and wholesaler Booker. It is also part of a consortium bidding £1.2bn for Somerfield.
Two further Icelandic companies have also been thrown into the mix - banking groups Kaupthing and Landsbanki.
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