Friday 22 September 2017

Blackrock boosts DCC stake to 4pc

John Mulligan

John Mulligan

US investment giant Blackrock has boosted its stake in diversified Irish group DCC to over 4pc on the same day that the company gained admission to the coveted FTSE 250.

Filings with the stock exchange indicate that Blackrock – the world's biggest asset manager with $3.8 trillion (€2.9 trillion) of assets under management – increased its stake beyond the notifiable threshold last Friday. That was the same day that DCC shares were included as a constituent of the FTSE 250 and the FTSE All-Share indices.

Its inclusion came as part of the quarterly review of the membership of the FTSE indices by the London Stock Exchange. DCC was notified of Blackrock's increased stake on Tuesday.

Blackrock has raised its stake in DCC by 40pc to just over the 4pc level, from 2.43 million shares to 3.41 million. Those shares are worth £88.2m based on DCC's share price yesterday.

DCC has a market capitalisation of £2.1bn (€2.4bn). Its shares have risen over 80pc in the past year.

DCC, which is the UK's biggest distributor of home heating oil and whose interests also span healthcare, food and beverages and consumer electronics, moved its primary listing to London early this year and cancelled its listing in Dublin.

Irish Independent

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