Ocado shares drop as John Lewis sells £152m stake
Business digest: Retail giant shifts remaining stake in online food delivery company
Shares in Ocado, the home delivery grocer, have fallen 15 per cent after John Lewis pension trust sold its 10.4 per cent stake in the company for £152m.
The online company, which currently has a market value of £1.4bn, has been performing strongly recently. After closing at 285p last night, however, early morning trading today saw the share price fall to 241p.
The John Lewis pension fund has sold all of its 57.3 million shares to a range of institutional investors.
Ocado primarily sell products from supermarket chain Waitrose, which is another division of John Lewis. The food delivery firm insisted that those commercial relations would not be affected by the deal.
Read a full report at the BBC. ·