Activist investor Cevian Capital has added to its stakes in CRH and Rexel, taking advantage of a recent market selloff.
Cevian disclosed a stake of 3.14% in Irish building materials manufacturer CRH, just days after it increased its holding in French electrical supplies distributor Rexel from 15% to more than 20%.
Cevian’s stake in CRH was previously unknown, but media reports in February indicated that it was a little below 3%.
Shares in CRH have declined 42% over the past 30 days, as the broad market tumbled due to the COVID-19 pandemic. Last year, the stock rose around 60% but has now reached a 2015 low. Shares in Rexel have declined 54% over the past 30 days, hitting a low not seen since the financial crisis of 2009.
Cevian typically has a concentrated portfolio of up to 15 stocks and has board representation on a majority of its companies, including Rexel. At CRH, it has not yet asked for a board seat, but the stake increase could prompt it to act.
Cevian did not immediately reply to a request for comment.