Pursuits
Punch Taverns Jumps as Morgan Stanley Raises Stake: London Mover
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Punch Taverns Plc rose 2.6 percent after saying that Morgan Stanley increased its stake in the U.K. pub owner to 12 percent amid discussions with shareholders on restructuring the business.
The shares climbed 0.19 pence to 7.60 pence in London, giving the company a market value of 50.5 million pounds ($82 million). Morgan Stanley increased its direct holding on Dec. 21 to 76.5 million shares from 69.8 million, Staffordshire, England-based Punch said yesterday in a regulatory statement.