Footasylum shares soar as JD Sports buys stake

Britain’s biggest sports retailer acquires 8.3% in struggling smaller rivalJD Sports, Britain’s biggest sports retailer, has acquired an 8.3% stake in Footasylum, sending shares in its struggling smaller rival surging by 70%.JD Sports said it had bought the stake in the footwear and hoodie chain for investment purposes and was prepared to increase its holding to 29.9% – the maximum level permitted without triggering a bid – but that it had no intention of making an offer.