Setanta snaps up 3.7pc of Origin as Aryzta cuts stake
Setanta Asset Management said it acquired 3.7pc of Origin Enterprises on behalf of clients, following Aryzta's divestment of its shareholding in Origin, representing a €30m investment.
The stake is part of the 29pc holding sold by Aryzta, which at one time was agronomy business Origin's majority shareholder.
Shares in Origin closed down 4.4pc at €6.50 each yesterday, after bakeries group Aryzta said it was divesting its remaining holding in the business. Shares in Aryzta fell by a similar percentage yesterday, to close at €42.27. On the wider markets, the ISEQ index of Irish shares reversed some of the previous day's losses to end the session up 1.72pc at 6,304 - down from 6,467.17 at the same time a week earlier.
European shares rose yesterday although they still faced running up a loss for the week following blows dealt to the market by an emissions test debacle at Volkswagen and new signs of a slowdown in China.
The pan-European FTSEurofirst 300 index, which had fallen 2.1pc on Thursday, climbed back up 2.2pc in early trading, while the Eurozone's blue-chip Euro STOXX 50 index also advanced 2pc.
Nevertheless, the FTSEurofirst was still down 2.3pc from the end of last week.
Volkswagen rose 3.6pc as traders said signs that the company would name Matthias Mueller, the head of its Porsche sports car brand, as its chief executive showed VW's determination to tackle its emissions data problems.
Rival carmaker BMW also rose 4.5pc after German car magazine 'Auto Bild' clarified an earlier report to say it had no evidence of data manipulation at BMW.
France's benchmark CAC equity index also gained 1.8pc after data showed that a French consumer confidence index at its highest level since October 2007.
(Additional reporting by Reuters)