P.M. BRIEFING : Simmons’ Valhi Group Increases Stake in Lockheed Corp. to 10.43%
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WASHINGTON — A group controlled by Texas billionaire Harold C. Simmons said today that it has increased its stake in defense contractor Lockheed Corp. to 10.43%.
In a filing with the Securities and Exchange Commission, a group headed by Simmons-controlled Valhi Corp. stated it had purchased more than 890,000 shares of Lockheed since Aug. 1 on the New York Stock Exchange at prices ranging from $47.25 to $48.63 a share.
That raised Simmons’ stake in the Calabasas, Calif.-based maker of the stealth fighter plane from 9.46% on Aug. 1 to 10.43%, or 6.62 million shares, of Lockheed common stock.
During the same period, Valhi sold off more than 272,000 shares at prices ranging from $48.50 to $53 a share to “obtain funds to be used for working capital purposes,” according to the filing.
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