Brandes Investment Partners, the California-based fund manager, is today selling its 2.2% stake in BAE Systems, Europe's largest defence company, for £239m (€352m). JP Morgan and Cazenove are joint bookrunners.
The sale comes a day after Brandes increased its stake in J Sainsbury from 11.2% to 12%, AFX Newswires reports. It is the UK retailer's second-largest shareholder.