UK - Pension Corporation has doubled its stake to over 20% in cooker manufacturer Aga Foodservice, a move rumoured to be the start of a full takeover of the company's healthy pension scheme.
A spokesperson for Pension Corporation confirmed it had increased its stake to 20%, but could not provide further comment because it was a listed company.
The market cap of Aga is only £370m, however, according to its interim report published in September, its pension scheme is worth £791.9m.
The pension scheme has a surplus of £73.4m on an IAS 19 basis, because a £4.5m payment was due to the pension scheme in 2007 after the 2005 actuarial valuation. In the first half of 2007, £1m was paid in, with a further £3.5m paid in the second half.
The group appointed KPMG Pensions to assist in assessing how best to address the financial strategy for the scheme against a changing market for risk management of such schemes, the interim report revealed.
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