Electrical retailer Kesa Electricals said Thursday that Knight Vinke Asset Management LLC for itself and on behalf of other Knight Vinke companies raised its stake to 58.72 million of the company’s voting rights, or 11.09%.
Kesa of course own the UK chain of Comet stores.
This has led to further widespread speculation that Knight Vinke is likely to take on an activist role to realise a return on its stake, which it is still increasing, even as the market views the company as fully valued.
As recently as Thursday Knight Vinke added a further 1% to its stake and now holds 11.09% of the European electrical retailer’s shares after building up from a modest 3% stake in late June.
The general feeling from the city and industry is that Knight Vinke will push for the Comet chain (which loses money) to be sold off, splitting the Kesa Group.