US investor Brandes cuts stake in Bulmers-maker C&C again
US value fund manager Brandes Investment Partners has again cut its stake in Bulmers-maker C&C, leaving it with just under an 8pc holding.
At one stage Brandes owned more than 12pc of the Irish drinks maker - a peak reached in October 2017. But it's been steadily reducing its stake over the past year.
In April last year, it cut it to just under 11pc from 11.8pc, and reduced it to slightly under 10pc in July. By December last year, it owned just over 9pc.
Its current stake in the company, whose brands also include Tennent's lager, is worth just under €86m. Shares in C&C hit €3.57 last September, and fell to as low as €2.61 in December before recovering to their current level.
San Diego-headquartered Brandes Investment is controlled by US billionaire Charles Brandes.
Brandes Investment Partners has its European HQ in Dublin and describes itself as a value investor.
Drinks group C&C expects group earnings for the year to the end of February to grow by 20pc.
C&C said in March that it expected its earnings before interest and tax for the 12 months to the end of March to be near the upper end of market estimates. It releases full-year results on May 22.