Barclay Brothers Sell 10% Stake in InterContinental Hotels

Aug 02, 10 | 1:57 am

By Sarah Jones

The billionaire Barclay brothers sold their 10 percent stake in the U.K.'s InterContinental Hotels Group Plc for about 335 million pounds ($520 million) after the hotelier's shares soared 88 percent in a year.

InterContinental tumbled 7.4 percent in London trading after Barclays Capital sold almost 30 million shares on behalf of Ellerman Corp., a company controlled by David and Frederick Barclay, for 1,120 pence apiece, according to three people familiar with the transaction.

Ellerman, the biggest shareholder in Windsor, England-based InterContinental, sold its entire stake following a 34 percent surge in the share price since the start of 2010. The Barclays built their stake in InterContinental in 2007, fuelling speculation that the brothers may make a bid for the hotelier.

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To contact the reporters on this story: Sarah Jones in London at sjones35@bloomberg.net;
Source: bloomberg.com