Italy's De Nora plunges 12% as Snam cuts stake at discounted price
Shares in Italy's Industrie De Nora fell more than 12% after gas grid operator Snam sold a 5% stake in the electrode maker via an accelerated book-building process. Snam unit Asset Company 10 sold around 10 million De Nora shares at a discount of 9.5% compared to Monday's closing price, cutting its stake to 16.6% and generating proceeds of around €67 million ($77 million). Shares in De Nora hovered at €6.46 at 0835 GMT, slightly below the placement price of €6.69 per share. Snam's residual stake "represents a potential overhang, which could weigh on the stock after the expiration of the 90-day
Shares in Italy's Industrie De Nora fell more than 12% after gas grid operator Snam sold a 5% stake in the electrode maker through an accelerated book-building process. 6% and raising around €67 million ($77 million). 69 a share. Banca Akros said Snam's remaining stake "represents a potential overhang, which could weigh on the stock after the expiration of the 90-day lock-up period".
Including Tuesday's decline, the stock is down more than 11% year to date. 8725 euros)