(Alliance News) - US-based activist investor ValueAct has sold its entire shareholding in jet engine maker Rolls-Royce Holdings PLC, the Financial Times reported on Friday, citing two people familiar with the situation.
According to FT, ValueAct built a 10% stake in Rolls-Royce in 2015 after it issued a string of profit warnings. The UK engineering company is currently evaluating a GBP1.5 billion to GBP2 billion capital raise to help restore its balance sheet.
ValueAct started reducing its stake - which peaked in 2017 at 11% - after the departure of Rolls-Royce's chief operating officer Brad Singer in December.
At the start of April, the hedge fund declared a 4.5% stake, which was largely sold later in that month, a person familiar with the situation told FT.
https://www.ft.com/content/e7dd1939-dadb-43d0-9444-4622bb0f1b88?segmentId=bf7fa2fd-67ee-cdfa-8261-b2a3edbdf916
By Tapan Panchal; tapanpanchal@alliancenews.com
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