Barclay brothers sell IHG stake: traders
LONDON |
LONDON (Reuters) - The billionaire Barclay brothers have sold their 10 percent stake in InterContinental Hotel Group Plc (IHG.L) sending shares in the world's biggest hotelier down sharply, traders said on Tuesday.
Broker Barclays Capital placed the 29.9 million InterContinental shares that the brothers held at 11.20 pounds, the lower end of the broker's revised 11.20-11.30 price range, the traders added.
David and Frederick Barclay, owners of the Daily Telegraph and the London Ritz hotel, started buying InterContinental shares through their investment vehicle Ellerman Corporation toward the end of 2006 and built it up to around 10 percent in May 2007 to become by far the group's biggest shareholder.
InterContinental, which also owns the Holiday Inn and Crowne Plaza hotel brands, declined to comment. Its house brokers are JP Morgan and Bank of America.
Barclays Capital also declined to comment.
Shares in InterContinental fell 7.6 percent to 11.08 pounds by 5:15 a.m. ET in a slightly firmer London market.
(Reporting by Dominic Lau and David Jones; Editing by Jon Loades-Carter)
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