Harbour Energy's top shareholder further cuts stake to 16% in discounted share sale
Harbour Energy's top shareholder further cuts stake to 16% in discounted share sale Sept 11 (Reuters) - Harbour Energy's HBR.L top shareholder BASF BASFn.DE has once again reduced its stake in the British oil and gas producer, in what is the largest-ever block sale of Harbour shares, sending the stock down more than 3%.
Here are some details:
The German chemicals group sold about 133 million ordinary shares in Harbour at £2.66 apiece, a 4.3% discount to the stock's closing price on Thursday.
It sold 80 million Harbour shares to institutional investors and agreed to sell 53 million ordinary shares to Harbour, with the buyback worth about $190 million.
Once the share sale is completed, BASF's interest in Harbour Energy's is expected to reduce to 16.4% from about 24.3%.
BASF had previously sold about 80 million Harbour shares at discounted prices in March.
(Reporting by Yamini Kalia in Bengaluru; Editing by Janane Venkatraman)
((Yamini.Kalia@thomsonreuters.com;))