By BLOOMBERG
Pandora A/S, the Danish maker of bracelets and charms, fell the most in 15 months in Copenhagen trading after its majority shareholder capitalized on the stock’s strength this year by selling a 10% stake.
The shares slid as much as 11%, the steepest drop since Feb 21, 2012. They were down 8.9% at 204.70 kroner as of 9:54am, trimming this year’s gain to 64%.
Prometheus Invest ApS sold 13 million shares in Pandora to institutional investors through an offering conducted by JPMorgan Chase & Co and Nordea Markets. The sale raised 2.6 billion kroner (RM1.36 billion), JPMorgan said in a statement today, implying a price of 200 kroner a share. That’s the bottom of an indicated range of 200 kroner to 205 kroner.
Prometheus, which is controlled by Copenhagen-based private equity-fund Axcel and Pandora’s founding Enevoldsen family, will retain a 40.9% stake in the jeweller.
– BLOOMBERG
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