A wholly owned subsidiary of Boron, the private investment arm of BCD Holdings shareholder John Fentener van Vlissingen, has increased its stock ownership to more than 10 percent in Hogg Robinson Group, according to Hogg Robinson filings with the London Stock Exchange. The share purchase was made via Zeist, Netherlands-based Beverweerd Investments, which purchased a 4.3 percent ownership stake in Hogg Robinson in mid-December.
Boron spokesperson Mario Bruna told
Business Travel News the investment is not part of any merger or acquisition plans for Hogg Robinson. He also said that Boron is a separate company from BCD Holdings, parent company of HRG rival BCD Travel. Bruna would not comment on plans for further investments in Hogg Robinson.
"We are not preparing an acquisition, takeover or merger," Bruna said. "That is not the case. There is no contact at all with Hogg Robinson Group. This is purely a long-term investment."
The deal is not Boron's first foray into investments in companies that compete with travel management company BCD Travel. In 2003, billionaire van Vlissingen disclosed a 6 percent share in Navigant International and later upped his stake to 11.6 percent before the company was acquired by Carlson Wagonlit Travel
(BTNonline, Aug. 1, 2005).
Hogg Robinson had no comment.