Hedge fund Harbinger has upped its holding in Tate & Lyle to just under 14.3%, up from 13% previously.
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Harbinger Capital has steadily been building its stake since acquiring 5.6% in January.
This month, Tate & Lyle reported their pre-tax profits remained “marginally ahead” of its expectations, but warned of falling profits from its sucralose business.
The UK-based sugar and ingredients group said the four-month performance for the period from 1 October to 31 January reinforced an earlier forecast that continuing operations would see a second half to 31 March that was “broadly similar to that of the first six months”.
Tate & Lyle said its Americas ingredients operations had performed well and ahead of expectations and there had been strong performances from both value-added food ingredients and commodity products.
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By GlobalData
