Saturday 21 October 2017

IFP cuts its holding in C&C to 6.35pc

TRADING

THE fund manager Independent Franchise Partners (IFP) has cut its holding in the drinks company C&C to 6.35pc after selling close to 2.3 million shares in the business. C&C said the investor sold the shares last week. Even after the sale, IFP remains one of C&C's biggest institutional shareholders. Shares in the company fell 3.9pc to €3.25.

Whelan to step down from Datalex

RESIGNATION

THE chief executive of travel software company Datalex is to step down, ending some eight years at the top of the business. Datalex said Cormac Whelan would leave the company by mutual consent at the end of July. Shares fell 1.6pc in Dublin.

Anheuser-Busch in Corona-maker talks

ACQUISITION

THE world's top brewer Anheuser-Busch InBev, maker of Budweiser, Beck's and Stella Artois, said it was in "discussions" with Mexico's Grupo Modelo, the maker of Corona. This follows US media reports that said the company was set to take control of the Mexican firm in a $12bn (€9bn) deal.

Billabong shares plunge by 49pc

FUNDRAISING

SHARES in Australian surf wear firm Billabong have plunged after the firm launched a plan to sell new shares at a heavily discounted price and after it cut its earning forecast. Shares fell as much as 49pc.

Quinn to challenge commission finding

courts

Labour councillor Oisin Quinn brought a High Court challenge aimed at overturning findings against him by the Standards in Public Office Commission. The action arises out of a complaint that alleged Mr Quinn contravened sections of the 2001 Local Government Act on motions considered at council meetings in relation to the Dublin City Development Plan 2011-17. Mr Quinn, along with members of his family, owns a share of a property at Lower Mount Street in Dublin. Complaints were made that Mr Quinn had beneficial interest and should not have voted on the matters.

Irish Independent

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