Blackrock warming to oil distributor
US investment giant Blackrock has significantly boosted its stake in diversified Irish group DCC, according to a filing with the Irish Stock Exchange.
Blackrock has increased its stake by over 40%, bring its total holding in DCC to just over 4% of the group's outstanding shares.
DCC, the UK's biggest distributor of home heating oil and whose interests also span healthcare, food and beverages and consumer electronics, moved its primary listing to London early this year and cancelled its listing in Dublin. It made the move as the bulk of its revenue is now generated in the UK and also to gain additional international investor exposure.
In Belfast, DCC Energy operates marine terminals for its Northern Ireland energy operations, trading under two main brands – Emo and Flogas. In 2008, it consolidated its oil portfolio to a single brand, Emo. It recently gained admission to the FTSE-250. In the last financial year it reported revenue of £10.5bn and £187m operating profit.
The new stock exchange filing shows Blackrock has increased its stake in DCC from 2.43m shares to 3.41m shares, representing 4.08% of the Irish company.
DCC has a market capitalisation of £2.1bn. Its shares have risen over 80% in the past year.
Blackrock is the world's largest asset manager with $3.8 trillion of assets under management.