Steinberg sold his stake in Mercury Securities.

U.S. financier Saul Steinberg sold most of his 15.1% stake in the British financial group Mercury Securities for just under 100 million pounds ($142 million) after the company repeatedly rejected his proposals to boost profits. Mercury, which includes the leading London merchant bank S. G. Warburg, had consistently made it clear that it viewed Steinberg’s involvement in the company as unwelcome. Steinberg, who had held his stake through his Reliance Insurance company, sold 21.9 million Mercury shares to Canadian National Railway Co. at considerably above the market price.