The rise and rise of Apple shares on the back of Microsoft buying its seven per cent stake eclipsed the news of another investment - by Mexico's richest man.
Carlos Slim, head of the country's giant Grupo Carso conglomerate, has bought a three per cent stake. This is likely to be a purely speculative move, but shows how the boost to the troubled computer maker's stock from the Microsoft alliance is attracting powerful buyers to its revitalised shares.
In mid-session on Thursday, Apple shares had reached $29, up 11 per cent from the close of the day before. Microsoft bought its stake for $16 a share, based on the price 20 days before the actual agreement was forged. Immediately before the announcement, the shares were trading at just under $20.
Although Microsoft currently holds non-voting stock, it can convert this to common, voting stock after three years. It is prevented from selling its stake before that time.
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