LONDON (Thomson Financial) - Rank Group PLC said Hong Leong Company (Malaysia) Berhad continues to increase its stake in the UK casino and bingo company.
It said Hong Leong Co held 33.21 mln shares in Rank as of March 21, representing some 8.5 pct of the company's voting rights, but has since raised its stake further to 35.21 mln shares as of today, representing 9.02 pct of its total voting rights.
Hong Leong Co has been consistently raising its stake in the since the beginning of 2008. It held some 6.05 pct in February.
Rank has been subject to takeover speculation since Malaysian gaming group Genting purchased a 9.38 pct shareholding on Nov 29, subsequently boosting it to around 11 pct.
US gaming group Harrah's Entertainment is exploring strategic options in the European gambling market, including a potential bid for Rank, according to recent media reports.
TFN.newsdesk@thomson.com ukn/ms1
Source
Tuesday, March 25, 2008
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