US giant Blackrock boosts stake in DCC
US investment giant Blackrock has significantly boosted its stake in diversified Irish group DCC, according to a filing with the Irish Stock Exchange this morning.
The filing indicates that Blackrock has increased its stake by over 40pc, bring its total holding in DCC to just over 4pc of the group’s outstanding shares.
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. It made the move as the bulk of its revenue is now generated in the UK and also to gain additional international investor exposure.
It recently gained admission to the FTSE-250. In the last financial year it reported revenue of £10.5bn (€12.3bn) and a £187m (€219m) operating profit.
The new stock exchange filing shows that Blackrock has increased its stake in DCC from 2.43m shares to 3.41m shares, representing 4.08pc of the Irish company.]
DCC has a market capitalisation of £2.1bn (€2.4bn). Its shares have risen over 80pc in the past year.
It crossed the notifiable threshold last week and reported the position to DCC on Tuesday.
Blackrock is the world’s largest asset manager with $3.8 trillion (€2.9 trillion) of assets under management.