Private equity firm Permira bought a 9.2 per cent stake in British soft drinks company Britvic from Axa Investment Managers late yesterday, sources said today.
Britvic shares, which floated at 230 pence last December, surged 7 per cent to a new high of 282 pence in early trading on speculation a bid for the company was imminent.
Sources said the purchase upped Permira's stake in the drinks maker to around 12 per cent.
Britvic has struggled with flat profits since its flotation last year. It has been caught with the wrong products as increasingly health-conscious consumers shun its sugar-laden fizzy drinks in favour of fruit juices and naturally flavoured spring water.