LONDON, April 11 (Reuters) – Two funds have taken stakes in British defence technology firm Qinetiq (QQ.L), underlying hopes of a significant shake-up of the group under new CEO Leo Quinn, according to a report in the Sunday Times.
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The newspaper said Artisan Partners, a Wisconsin firm that manages nearly $50 billion of investment funds, disclosed on Friday it had bought just over 5 percent of the shares while Ruane Cunniff & Goldfarb, a New York fund, that manages $14 billion of funds took a 10 percent stake.
Shares in Qinetiq closed on Friday at 134 pence per share, significantly below its placing price of 200 pence per share in 2006 and valuing the business at 1.36 billion pounds. (Reporting by Matt Scuffham; Editing by Mike Nesbit)