Tuesday 9 June 2009

Saad goes on sale

According to traders the troubled Saudi conglomerate has offloaded a large chunk of its 28.8 per cent holding in upmarket housebuilder Berkeley Homes on Tuesday morning - 16m shares at 701p through Citigroup. (In fact the shares were actually placed last night, but the business reported this morning).
They reckon the rest of the Berkeley stake will hit the market soon, albeit via another broker.

Shares in Berkeley are currently down 77p at 749p, a fall of 9.3 per cent.

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