Barclays PLC has substantially cut its stake in packaging and paper company Mondi plc, bringing its total holding below the level that requires public disclosure.
According to a regulatory filing on Tuesday, the bank's position fell from a previously reported 5.21% to below the minimum notification threshold on Oct. 16.
The former holding was comprised of 1.60% in voting rights attached to shares and 3.61% through financial instruments.
The reduction in Barclays' stake comes as Mondi navigates a challenging market, having recently reported a drop in third-quarter profit, citing weak demand and falling prices.
In response to the market conditions, Mondi also announced it was delaying a planned investment in a new paper machine.
The day Barclays crossed the disclosure threshold was the same day Mondi launched a 550 million euro bond to refinance existing debt, for which Barclays served as one of the joint book-runners.
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Packaging group Mondi plc on Friday reported a drop in third-quarter core profit, citing a challenging trading environment with weak demand and falling prices across most of its paper grades.