London-based activist hedge fund firm Parvus Asset Management has increased its holding in budget airline Ryanair to over 7% from around 6%, with the acquisition of an additional €230m worth of shares, according to a report by The Irish Times.
The report cites new stock exchange filings as revealing that the investment manager’s stake in the Irish airline is now worth around €1.6bn with Ryanair stock currently trading at around €20.50 per share having risen steadily from a recent low of around €14 seem in October last year.
Parvus Asset Management, which was founded by Edoardo Mercadante and has assets of around $5.5bn, has built similar large positions in Ryanair in the past only to subsequently reduce them and it is not know if the firm has any intention of agitating for change this time around.
The firm’s previous activist positions have seen it challenge betting firm William Hill over its plan to do a deal with Poker Stars owner Amaya, and the proposed purchase by private security firm G4S of Denmark’s ISS.
