US investment firm in €20m Kerry Group share sale
One of the world's biggest investment managers has sold shares worth nearly €20m in Kerry Group.
Blackrock sold more than 260,000 shares in the food giant earlier this month. With Kerry's share price hovering over €75, the share sale netted Blackrock some €19.9m.
The trade saw Blackrock's stake in the firm fall to 3.85pc from over 4pc. The company has retained nearly 6.8 million shares in the Irish business.
Kerry Group has been one of the few bright spots on the Irish market in recent days, rising more than 2pc in the last three weeks.
That has been in contrast to the wider Irish market, which has slipped 1pc over the same timeframe.
European markets have been roiled in recent weeks by a plunging oil price and commodities bust, driven by weaker demand from China as well as other emerging markets.
Equity traders are also nervous about the potential effect of the US increasing interest rates this week for the first time in almost a decade.
Kerry shares hit an all-time closing high of €76.89 on December 8.
The stock has gained more than a third in the past 12 months, and has shown little sign of slowing down.
In the first half of this year the company saw revenues top €3bn and raised its full year guidance for 2015.
In October it bought three US companies in the US for close to $750m.
The company paid $735m (€642m) for Red Arrow Products, Island Oasis and Biothera Inc's Wellmune brand.
It said it expects the acquisition of the three firms to improve its position in the multi-trillion dollar US food industry, as well as globally.