Azelis on track for worst day ever after EQT, PSP sell shares

Azelis NV

17/05/2024 10:05

** Shares in Azelis  AZE.BR  plummet around 13% after major
shareholders EQT Partners and PSP Investments sold shares in the
Belgian specialty chemicals maker
    ** EQT and PSP placed about 26.5 million shares or 10.9% of
outstanding shares at 19 euros per share, an 11.4% discount to
Thursday's close of 21.40 euros, says ING's Stijn Demeester in a
research note, citing a Bloomberg News report
    ** EQT confirmed the report
    ** Azelis did not immediately respond to a request for
comment 
    ** "This sell-down throws cold water on recent takeout
speculation, with Azelis' shares still trading c.4% above its
undisturbed share price when these takeout rumours emerged on 17
April," Demeester says referring to a Bloomberg report
    ** "On the other hand, EQT initiating a sell down cycle 2.5
years post-IPO addresses present liquidity concerns," he adds
    ** If losses hold, the stock will see its worst day ever

 (Reporting by Michal Aleksandrowicz)
 ((michal.aleksandrowicz@tr.com))