Morgan Stanley (MS) announced purchase of another 1% of Orco for a total of EUR 4.5m, EUR 66.35 per share including a 5% discount. The shares were purchased through a step-up programme. Note that MS entered OPG by the acquisition of a 4% stake in November 2005 for EUR 15m. We believe that the MS acquisition may positively influence trading. We reiterate our Buy recommendation.