// An investment firm backed by the Agnelli family of Italy and led by George Osborne has built a 5% stake in Ocado
// The investment by Lingotto comes a month after Osborne was named chairman
An investment firm chaired by former UK chancellor of the Exchequer George Osborne has built up a 5% stake in Ocado, new company filings reveal.
Lingotto Investment Management, run by the billionaire Italian Agnelli family, took up its holding just days after Ocado shares surged over 40% amid speculation that suitors, including Amazon, were preparing a takeover bid.
Prior to last week’s surge, the retail tech company’s share price has slumped as its retail business racked up losses.
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In February, the firm reported a pre-tax loss of £501m for the year to November 2022, worse than analysts had predicted.
The investment by Lingotto comes a month after Osborne was named chairman. Previously, he was partner with investment bank Robey Warshaw and set up investment firm 9Yards Capital after leaving government in 2016.
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