Shares in Irish food group Greencore have risen after an investor raised his stake to just under 30% of the company.

Greencore shares rose almost 4% to EUR5.37 (US$7.13) at lunchtime today (13 June) after the company last night issued a statement detailing the purchase from property developer Liam Carroll.

Carroll now owns over 29.5% of Greencore, a stake just shy of the one-third that would lead to an automatic takeover offer.

Greencore produces a range of convenience foods for the Irish market. The company also makes products for the Netherlands and Germany, while it is the leading supplier of own-label mineral water in the UK.

Officials at Greencore could not be reached for immediate comment.