Footasylum shares up 31 percent after JD Sports takes stake

(Reuters) - British retailer JD Sports Fashion Plc said on Monday it had acquired an 8.3 percent stake Footasylum Plc and could buy nearly 30 percent of its smaller rival, sending shares in Footasylum 31 percent higher.

JD, which already owns brands Footpatrol and Cloggs, also said that it confirmed it did not intend to make an offer for Footasylum under merger regulations.

(Reporting by Samantha Machado in Bengaluru; editing by Patrick Graham)