Balverona increases stake in HR Owen to over 27 pct

LONDON, Feb 21 (Reuters) - Luxury car dealer HR Owen (HRO.L: Quote, Profile, Research) said on Thursday that major shareholder Balverona had increased its stake as it edges nearer the threshold at which it would have to mount a takeover bid.

Balverona's governing director Neville Crichton owns Ateco Automotive, an Australian and New Zealand car importer which distributes top-end brands such as Ferraris and Maseratis.

Balverona picked up 35,000 shares at 50p each, a significant discount to HR Owen's quoted closing price of 137p, to take its stake to 27.08 percent.

It has been gradually increasing its shareholding in the UK car dealer, which sells expensive brands including Ferraris, Maseratis, Bentleys and Lamborghinis.

"The chances of there being a bid are higher this year than they were last because HR Owen has streamlined itself and sold some dealerships it did not want," said Panmure Gordon analyst Mike Allen by phone.

There has been takeover speculation across the car dealership sector with market talk that British new and used car dealer Pendragon (PDG.L: Quote, Profile, Research) could be a takeover target.

Balverona has raised its stake in HR Owen from 19.25 percent last September.

Balverona and HR Owen were not immediately available for comment.

(Reporting by Chris Wills, Editing by Rory Channing)

(chris.wills@reuters.com; 0044 (0)20 7542 5331; Reuters Messaging: chris.wills.reuters.com@reuters.net))