- Today's Hot Chat Topics
- Member Benefits
- Manage your personalised Watchlist.
- Set up an online Virtual Portfolio.
- Participate in Share Chat.
- See more trades and director dealings.
- Play the Fantasy Share Trading Game.
Share:
HomeShare PricesShare ChatFinance NewsSharecast NewsRegulatory NewsBlogsLive PricesShares BookshopFinance ToolsMembers
Latest Share Chat
UK IPO News
3i raises $142 mln from sale of stake in Germany's Norma
Thu, 10th Jan 2013 11:01
LONDON, Jan 10 (Reuters) - Private equity group 3i has sold all of its remaining 16.7 percent
Britain's 3i on Thursday said it placed 5.3 million Norma shares with investors for 20.50 euros each and was no longer a shareholder in the German company.
That was a discount of about 4.5 percent to Norma's closing share price on Wednesday and below its Frankfurt listing price of 21 euros per share in April 2011.
The sale was 'significantly oversubscribed', 3i said.
Shares in Norma were down 2.9 percent at 20.85 euros by 1010 GMT, while 3i's stock was 0.5 percent higher at 231.6 pence ($3.70)
The private equity group, which invested in Norma in 2006, banked about 240 million euros from reducing its 73 percent stake to around 42 percent through the initial public offering. It raised a further 77 million euros in September last year when it cut its holding a second time.
Thursday's sale, which was run by Berenberg Bank, took 3i's total return to 5.5 times its original investment. ($1 = 0.7667 euros) ($1 = 0.6247 British pounds)
(Reporting by Kylie MacLellan; Editing by David Goodman) Keywords: 3I NORMA/SALE
(kylie.maclellan@thomsonreuters.com)(+44 207 542 0401)(Reuters Messaging: kylie.maclellan.thomsonreuters.com@reuters.net)
COPYRIGHT
Copyright Thomson Reuters 2013. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
stake in German engineering group Norma for about 109 million euros ($142.2 million).
Britain's 3i on Thursday said it placed 5.3 million Norma shares with investors for 20.50 euros each and was no longer a shareholder in the German company.
That was a discount of about 4.5 percent to Norma's closing share price on Wednesday and below its Frankfurt listing price of 21 euros per share in April 2011.
The sale was 'significantly oversubscribed', 3i said.
Shares in Norma were down 2.9 percent at 20.85 euros by 1010 GMT, while 3i's stock was 0.5 percent higher at 231.6 pence ($3.70)
The private equity group, which invested in Norma in 2006, banked about 240 million euros from reducing its 73 percent stake to around 42 percent through the initial public offering. It raised a further 77 million euros in September last year when it cut its holding a second time.
Thursday's sale, which was run by Berenberg Bank, took 3i's total return to 5.5 times its original investment. ($1 = 0.7667 euros) ($1 = 0.6247 British pounds)
(Reporting by Kylie MacLellan; Editing by David Goodman) Keywords: 3I NORMA/SALE
(kylie.maclellan@thomsonreuters.com)(+44 207 542 0401)(Reuters Messaging: kylie.maclellan.thomsonreuters.com@reuters.net)
COPYRIGHT
Copyright Thomson Reuters 2013. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
