Inmarsat dropped 39.5p before rallying to 642p earlier this week after New York hedge fund Harbinger Capital confirmed plans to sell half of its 28 per cent stake, ruling out a long-mooted takeover.
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Harbinger, run by billionaire Philip Falcone, appointed investment banks Credit Suisse and UBS to sell a 14.1 per cent shareholding in Inmarsat at 630p, a bigger stake than the 10 per cent predicted by market watchers last weekend, sending investors running for cover.
The sale grosses the hedge fund around £410m, and a tidy profit considering Inmarsat's shares have soared from 350p in the last two years.
