UPDATE: BarCap Placing 30M InterContinental Hotels Shares

27th Jul 2010 09:13

By Michele Maatouk Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Barclays Capital has begun placing 30 million shares in InterContinental Hotels Group (IHG.LN) Tuesday. The placing was originally conducted at 1100p to 1150p a share, but the price has now been revised to between 1120p and 1130p a share, Barclays Capital said. Traders said the placing is being conducted for Ellerman Corporation. Entrepreneurial brothers Frederick and David Barclay, who own the Ritz in London and the Daily Telegraph newspaper, took a 5% stake in the company in January 2007 through their Ellerman investment vehicle, and subsequently raised it to 10%. At 0805 GMT, InterContinental shares were down 6.7% at 1119 pence, leading the blue-chip decliners in London. The shares were underperforming the FTSE 100, which was 0.6% higher at 5385.52. Ellerman was not immediately available for comment. -Michele Maatouk, Dow Jones Newswires; +44-20-7842-9447; [email protected] (Ishaq Siddiqi and Michael Carolan contributed to this item.) (END) Dow Jones Newswires July 27, 2010 04:13 ET (08:13 GMT)