The prospect of a move for listed industrial supplies Unidare loomed yesterday after 4 per cent of the company was traded in one block. The trade, which was reported late in the afternoon, was made at €1.20. Shares in Unidare closed unchanged in Dublin at €1.15.

Market sources suggested that the most likely seller was US investment house, Tweedy, Browne, which held 7.1 per cent of the company before yesterday, but this was not confirmed.

The identity of the buyer is not known but it may emerge over coming days.

Investors holding 5 per cent or more of a company are obliged to notify the stock exchange but most do so at the 3 per cent threshold.

The largest shareholder before yesterday was Beechworth International, an investment vehicle controlled by Mr Dermot Desmond. Beechworth, which first took a holding in the company in the late 1990s, held 26.6 per cent of the company's shares before yesterday.

Mr Desmond's IIU is believed to hold a further 2.4 per cent.

If either of these entities bought yesterday's block of shares, Mr Desmond would be obliged to make a bid for all of Unidare.

The next largest shareholder is Dillon Investments, with 12.4 per cent, followed by Strongbow Capital with 9.3 per cent.

Bank of Ireland Asset Management holds 4.7 per cent.

Unidare has come through a difficult trading period over the past couple of years but has made efforts to remedy this by selling off non-core businesses and rationalising others.

It has, however, been hurt by the euro's strength against the dollar, with about half of the firm's profits drawn from the US.

Pre-tax profits at the company fell by 40 per cent to €4.4 million in the year to September 30th.