GrafTech slides as Brookfield cuts stake

Brookfield Business Partners LP

25/05/2021 18:44

(Updates with pricing details, stock activity)
    ** GrafTech International  EAF.N  shares down 3.5% at
$13.31, after hitting session low of $13 on Tues, as top
investor reduces its holdings
    ** Graphite electrodes maker late Mon said Canada's
Brookfield Asset Management  BAMa.TO  to sell 20 mln shares
 urn:newsml:reuters.com:*:nBwqSyjMa
    ** Market sources say sole underwriter JP Morgan priced
offering at $13.40, 2.8% discount to stock's Mon close
    ** Sale takes Brookfield's holdings to ~64.9 mln shares,
reducing its stake by 8% to ~24%, per SEC filing https://www.sec.gov/Archives/edgar/data/931148/000119312521171123/d180597d424b7.htm#supptx180597_8
    ** Trading volume of ~7.1 mln EAF shares so far in day's
session is 2.4x the 30-DMA, per Refinitiv data
    ** With move on Tues, EAF shares up ~25% YTD

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own.)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))