US fund increases its stake in Grafton
Los Angeles-based investment firm, Capital Research and Management Company (CMRC), has upped its stake in one of Ireland's oldest building materials firms, Grafton Group.
Documents filed with the Irish Stock Exchange show that the US firm has now taken its stake in Grafton to above 12pc, making the company the largest single shareholder in the group.
CMRC is one of the world's largest investment funds with over $1 trillion under management.
The Grafton Group was founded in 1902 in Dublin by the Chadwick family. With 8.2pc of the shares in the company, Michael Chadwick remains the third-largest shareholder in the group.
Earlier this week it was announced that Grafton is to be relegated from the Stoxx Europe 600 index.
The company's share price has been hit particularly hard since Britain voted to leave the EU, losing 18pc of its value.
Earlier this year Grafton acquired UK firms T Brewer and AllSands Supplies.