Intercos shares fall after 6.2% stake sale in ABB
BUZZ-Intercos shares fall after 6.2% stake sale in ABB ** Shares in Italy's Intercos ICOS.MI are down 7% after shareholders launched an accelerated bookbuild (ABB) to sell a 6.2% stake in the Italian beauty manufacturer
** Shareholders in Intercos are selling around 6 million shares, representing a 6.2% stake, through an accelerated bookbuild, in a deal valued at about €83 million ($96 million), a bookrunner said on Wednesday
** The price per share was €12.70, a discount of 8% on the closing price
** "Despite the overhang in the short term, we view favorably the progressive disengagement of the private equity funds and the increase in the free float, which should be reflected positively on the stock's liquidity," says Equita brokerage
** At the ABB price Intercos shares would trade at over 15 times their price-to-earnings ratio over the last 12 months, "very attractive valuations" considering the business acceleration in H2 and expectations of sustainable earnings growth, adds Equita
** Including today's fall, the stock has gained 16.09 % YTD
($1 = 0.8619 euros)
(Reporting by Fabrizio La Rocca)