Schroders drops stake in Wellstream after GE bid

first_imgSunday 24 October 2010 10:23 pm KCS-content Schroders drops stake in Wellstream after GE bid Share Read This NextThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayotRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap SCHRODERS has sold around half its stake in oil and gas pipeline company Wellstream after it rejected a take over offer from US conglomerate GE of $1.2bn (£755m) earlier this month. The fund manager has been reducing its stake from just over 13 per cent at the beginning of October to a little under seven per cent now. Wellstream’s largest investor has been selling aggressively as the oil and gas firm’s shares rose to highs of 785p following confirmation of the 750p-a-share approach from GE – a process called “top-slicing” where traditional investors trim holdings during a takeover tussle to lock in gains. It is understood that Wellstream’s chairman John Kennedy, has pressed GE to raise its offer closer to 800p per share in order to gain access to its books. That would value the company at £805m. whatsapp Tags: NULL whatsapp Show Comments ▼last_img

Leave a Reply

Your email address will not be published. Required fields are marked *