GrafTech drops as top investor Brookfield sells 30 mln shares

Brookfield Business Partners LP

02/03/2021 12:44

** GrafTech International  EAF.N  shares down 5.6% at $11.75
premarket on secondary offering
    ** Graphite electrodes maker late Mon announced sale of 30
mln shares by Canada's Brookfield Asset Management  BAMa.TO 
 urn:newsml:reuters.com:*:nBw72WlP7a
    ** Sources say sole bookrunner Morgan Stanley priced
offering at $11.88, 4.5% discount to stock's Mon close
    ** Sale takes Brookfield's holdings to ~97.7 mln shares,
trimming its EAF stake by 11% to ~37% (See filing https://www.sec.gov/Archives/edgar/data/931148/000119312521063881/d100542d424b7.htm#supprom100542_8)
    ** Brookfield last reduced its holdings in Jan in
20-mln-share secondary priced at $10.90  urn:newsml:reuters.com:*:nL1N2JQ0WP
    ** EAF shares, up ~17% to start 2021, have ~$3.3 bln market
cap, per Refinitiv data
    ** Stock has gained 87% over the past six months

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own.)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com))