Asos shares rise 11% after stakeholder increase

Shares of Asos surged by nearly 11% to £2.55 on Tuesday. The increase follows news that Danish billionaire Anders Holch Povlsen raised his stake in the fashion retailer from 27% to 28%. Povlsen's move has sparked speculation about a potential takeover, as reaching 30% would require him to make an official offer. He is currently the largest shareholder in Asos, outpacing Mike Ashley’s Frasers Group, which owns 22%. Analysts believe Povlsen may want to take Asos private, suggesting it could thrive better without market pressures. Povlsen is also known as Britain's biggest landowner. His wealth of £6.3 billion comes mainly from his fashion company, Bestseller. In broader market activity, the FTSE 100 index fell by 4.67 points, while the FTSE 250 dropped by 24.39 points. Other companies also saw shares change, with Crest Nicholson rising by 7% and Wickes increasing by 6.1%. However, investment firm 3i Group saw a decline despite positive growth reports from its retail investment.