The John Lewis pension trust has sold its remaining shares in internet delivery grocer Ocado, prompting a 10% drop in share price.
The John Lewis pension fund sold their remaining 10.4% stake for a combined £152 million, but said that commercial relations between Waitrose, a John Lewis division, and Ocado would remain unaffected.
Ocado sells products from hundreds of different retailers, although the majority of those sold are Waitrose ones.
Analysts expect the two companies to become bigger rivals as Waitrose look to start their Waitrose Delivery service inside the M25, currently an Ocado stronghold.
Ocado shares floated in July this year, and have risen since November, although news of the move meant they ended Friday 30p down, at 255p.
John Lewis released a statement saying they had arranged for investment banking experts Goldman Sachs to sell the shares on their behalf, to a variety of investors.
The company sold their remaining 57 million shares at 265p a share, after selling more than half of their original shares during the online companies original public offering in July.
John Lewis had a “lock-in” agreement which expired last month which had prevented them from selling them all at that time.
John Lewis Pensions Trust’s Ocado board representative, Patrick Lewis, has resigned.