Mexican billionaire builds 28% stake in Circuit City
FROM TWICE: Pliego buys more than 47 million shares
By Alan Wolf of TWICE -- Video Business, 11/18/2008
NOV. 18 | FROM TWICE: MEXICO CITY—Mexican tycoon Ricardo Salinas Pliego has snatched up more than 47 million shares of Circuit City, making him the company’s largest shareholder.
Pliego, a billionaire whose conglomerate Grupo Salinas encompasses retailing, banking, TV broadcasting and wireless services, acquired more than 30 million shares over three days following Circuit City’s bankruptcy filing last week. He paid an average of 24¢ per share, Securities and Exchange Commission documents show.
Pliego now controls nearly 28% of Circuit City stock. By comparison, activist investor Mark Wattles, who successfully agitated for change on Circuit City’s board, holds a 6.5% stake in the company.
Read the full story at TWICE.com.
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