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Templeton sells Globus stake

The Templeton Strategic Emerging Markets Fund announced yesterday it sold its entire 8.93% stake in Hungarian canning company Globus Rt for an undisclosed price on May 24.

The sale was likely part of a deal Templeton earlier made with French agri-food group Centrale Cooperative Agricole Bretonne (CECAB), which closed a public purchase offer for Globus on May 15. CECAB\'s Hungarian unit UMF agreed to acquire Templeton\'s shares for a price of Ft 460 per share within 90 days after the public purchase offer was completed. The price was the same as that offered in the buyout offer. Templeton owned 11.61% of the shares before the public purchase offer ended.