The construction giant Kier will mount a defence this week against hedge funds that have placed a huge bet against its shares, with a pledge to cut costs and debt.
The FTSE 250 builder became the third-most shorted stock on the London market last week. Hedge funds — including several that bet against the collapsed construction firm Carillion — have built a 17.3% short position in its shares, according to data from Markit.
Short-sellers borrow shares for a fee and then sell in the hope of buying them back later at a cheaper price.
