Tessenderlo rises after selling stake in Rieter
06/04/2023 09:08
** Shares in Tessenderlo TESB.BR edge up 1.5%, after the
agriculture engineering group sold its stake in Rieter Holding
RIEN.S for a capital gain of 10.5 million euros ($11.46
million)
** Tessenderlo sold two separate packages of 327,000 shares
(of 7% each) in Rieter to PCS Holding and BigPoint Holding
** The group still holds 1.16% of the Rieter shares
** "Tessenderlo is a very diversified group with a strong
balance sheet and solid FCF (free cash flow) generation," says
KBC Securities, deeming the valuation attractive
** For KBC, the recently announced dividend of EUR 0.75 per
share, the share buyback for up to 40 million euros and the sale
of Rieter shares "shed some light on the future capital
allocation priorities"
** Including today's rise, the stock has dropped by 10.79%
YTD
($1 = 0.9166 euros)
(Reporting by Dina Kartit)
((dina.kartit@thomsonreuters.com))