Harbert Management Raises Passive Stake in Ashland Inc. to 11.4 Percent From 9.9 Percent

NEW YORK (AP) -- Harbert Management Corp. on Thursday reported increasing its passive stake in chemical company Ashland Inc. to 11.4 percent, in a filing with the Securities and Exchange Commission.

The investment manager and its affiliated funds, including Harbinger Capital Partners Master Fund I Ltd., now own 7.1 million shares.

Harbert previously reported owning about 6.3 million shares, representing a 9.9 percent stake in the Covington, Ky.-based company.

Harbert reported its holdings in an amended Schedule 13G filing, which indicates the investment is passive, and that the shares weren't acquired to change or influence control of the company.

Ashland shares fell 32 cents to $50.85 in morning trading Friday.