Kuwaiti logistics group snaps up £73.4m worth of shares in airport services firm John Menzies

A Kuwaiti logistics group pursuing John Menzies has become its largest shareholder after snapping up a stake. 

National Aviation Services (NAS) has bought 12.1m shares in the airport services firm, equivalent to a 13.2pc stake, for £73.4m or 605p per share. 

That was nearly 30pc higher than the share price the previous day and more than double the value on February 2 when NAS lodged its most recent takeover offer. The stock jumped 24.8pc, or 116p, to 584p taking its gains in the past two weeks to more than 100pc. 

Menzies rejected a takeover offer from NAS earlier this month worth £469m, or 510p per share. It followed an offer by NAS in January of 460p per share, valuing the group at around £423m. 

Any takeover could fall under the National Security and Investment (NSI) Act, which came into force at the start of the year. Firms must notify the Government of any acquisitions of entities within areas such as transport, which includes airports, ports and harbours.