Rolls-Royce: ValueAct Ups Stake To 10 Percent

Jeff Ubben’s ValueAct Capital has upped its stake in embattled UK aero-engine maker Rolls-Royce to 10% after the company issued yet another profit warning last week. Rolls-Royce’s latest profit warning was its fifth in 20 months, and the company’s shares fell 20% after the update hit the market. The group warned that 2016 earnings would be £650 million below expectations due to unforeseen “headwinds”. The company’s shares have fallen 46% during the past six months. Rolls-Royce’s largest shareholder ValueAct revealed that it has built a 5.5% stake in the company at the end of July, becoming the firm’s largest shareholder. According to some reports,…