Man U share sale fuels bid talk

TAKEOVER speculation resurfaced at Old Trafford today as the Irish consortium of JP McManus and John Magnier snapped up eight million shares in Manchester United Plc - equivalent to 3% of the company.

The two already already hold nearly 25.5% of the stock.

The 3% sale, priced at £20.8m and made last night after the market closed, was followed this morning by two big trades totalling a further five million shares, although it was not clear whether they were the other side of last night's transaction.

The Irish bloodstock millionaires are now just above the 30% ownership beyond which Stock Exchange rules oblige them to launch a takeover offer.

The share trades came as reports said Manchester United manager Sir Alex Ferguson had lunch in Mayfair yesterday with John Magnier's ally Dermot Desmond. The news gave rise to hopes of a rapprochement between Ferguson and Magnier after months of feuding over stud fees for champion racehorse Rock of Gibraltar.

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