30 November 2020

Amsterdam’s Farringdon Capital Management, co-founded and owned by Bram Cornelisse, has taken a 3.36% stake in Pendragon. The deal sees Farringdon become Pendragon’s sixth-largest institutional stakeholder.

Also last week, Teleios further reduced its stake in Pendragon from 16.17% to 14.41%, compared to a high of more than 21% in February 2019. Odey is the second largest investor with a 16.16% share, ahead of Anders Hedin on 13.54%.

In other news, the Competitions and Markets Authority last week announced it had served an initial enforcement order on 18 September to two motor industry retailers about an anticipated acquisition by one party for the other. The details were redacted so the two retailers cannot be identified.

On 12 November, the two parties confirmed to the CMA they had abandoned the acquisition, before they made any public announcement regarding the transaction.

In early May, Pendragon confirmed it had been investigating a merger with Lookers, which subsequently rejected the approach due to the ongoing FCA investigation. Last week, Lookers finally announced its 2019 results, which revealed a £45.5m loss to the year ended 31 December.

Tags: CMA, FCA, Lookers, Pendragon